Middle East
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A $400m loan for Turkish industrial holding company Borusan is very near completion. The deal is a rare Turkish corporate syndicated loan but many of the lenders are still domestic banks, according to one banker. -
Ahli Bank Qatar is embarking on a series of investor meetings for its debut bond, a Reg S dollar benchmark.
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Two Turkish banks have closed loan refinancing deals, both exhibiting a reduced demand from banks for dollar tranches, despite the financial institutions paying up an additional 10bp compared to euros.
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Dubai Islamic Bank priced the year’s first public bond from a Gulf Co-operation Council financial borrower tight to its existing curve on Tuesday thanks to strong demand from regional investors.
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Strong demand from yield starved eurozone investors has triggered a flurry of MTNs from Middle-East issuers.
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Aabar Investments has signed a €3.6bn loan facility to repay other debt and reduce borrowing costs, with a targeted syndication set to follow.
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Dubai Islamic Bank emerged with the year’s first public deal from a Gulf Co-operation Council financial borrower on Tuesday morning.
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Akbank signed its $1.2bn-equivalent loan on Friday - one of its two major annual refinancings. But although Turkish banks are paying more for dollar debt at the moment, European banks still like to lend in euros.
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Tupras, the Turkish oil refinery company, has refinanced a one year loan, receiving a greater share of commitments in euros compared to the 2015 deal. But uncertain views of Turkish corporate borrowers means the pipeline visibility remains low, according to one banker on the deal.
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Akbank has received commitments for its first annual loan refinancing and will sign the deal on Friday.
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Dubai Islamic Bank is embarking on a roadshow for a senior dollar sukuk, and looks likely to be the first bank from the Gulf Cooperation Council to enter the public bond markets this year.
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International banks have been keenly awaiting a mandate for $10bn of loans for Kuwait National Petroleum Company (KNPC) and this week the borrower said it was starting the financing with local lenders.
