Middle East

Family run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.

Emerging market investors have plenty of opportunity to pick up corporate debt this week with Mexican oil and gas giant Petroleos Mexicanos (Pemex) returning to euros and Koc Holding in dollars.

Israel has tightened price guidance on its 2043s tap and new 10 year bond, both in dollars, in the hope of printing the deal later on Wednesday.

Kuwait Projects Company (Kipco) printed the first CEEMEA corporate of the year on Tuesday but the solid international book could not prevent some softness in secondaries the next day.

Aster DM Healthcare is close to sealing a $280m multi-tranche syndicated loan, with three or four lenders already committing to the deal.

KOKS Finance and Dubai Holding are looking to buy back part or all of their dollar notes due 2016 and 2017, respectively.

Kuwait Projects Company (Kipco) was on track to print 2016's first corporate bond from CEEMEA on Tuesday as Turkish conglomerate Koc Holdings also said it would issue a seven year bond.

This week Sharjah Islamic Bank (SIB) launched its $200m murabaha loan, which offers all-in pricing of 240bp for top tier banks — welcome fodder for regional lenders, which face growing funding costs.

Vakifbank has launched its first annual loan refinancing of 2016, following Turkish peers Akbank and Ziraat bank to the market.

Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.

Even rival bankers are lavishing praise on the $1.5bn long 10 year bond Turkey sold on Wednesday, which drew a $4.47bn book and needed only a 10bp-15bp new issue premium to print.

Sharjah Islamic Bank (SIB) will pay a margin of 165bp for its $200m murabaha loan, which should launch syndication early next week, according to a banker on the deal.