Middle East
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Turkey has released a tight range of price guidance for its long 10 year dollar bond. The deal is expected to be priced later on Wednesday. Meanwhile compatriot corporate credit, Koc Holding is hitting the road -
Emirates Global Aluminium has completed its $4.9bn loan refinancing, with eight lenders joining the underwriting banks, as this week the borrower announced its income had almost halved last year.
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As Kuwaiti petrochemicals company Equate decides how to refinance its $6bn bridge loan, the borrower will likely avoid the bond market and stick to loans in the near future, bankers told GlobalCapital.
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With two rare loans for Turkish corporates in the market — a $400m loan for Borusan Holdings and a $50m facility for clothing company DeFacto — bankers are hoping that deal flow from the country will pick up, helping to fill the void left by sanctioned Russian borrowers.
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A swathe of ratings downgrades. one of which prompted Bahrain to first cancel a tap and then reprint it this week at a higher yield, is just one factor that will force Middle East sovereigns to pay up for bond funding just when they need it the most, writes Virginia Furness.
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Bahrain’s decision to revive last week's cancelled bond sale was driven by reverse enquiry from investors who were unperturbed by the issuer’s new junk status, according to bankers on the deal.
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The Islamic Development Bank is embarking on a three day sukuk roadshow, starting on Sunday.
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The Kingdom of Bahrain has returned to tap bonds less than a week after an unexpected Standard & Poor’s downgrade led to the issuer cancelling a $750m dual tranche bond increase. Rival bankers said the strategy was right, but were surprised by the tight pricing offered.
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Bahrain’s decision to pull its $750m tap on Thursday was hailed by some as a prudent move to protect investors, but aggressive secondary market action following the downgrade has still left some smarting, writes Virginia Furness.
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Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement.
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Bahrain took the decision to pull its $750m tap on Thursday morning after a shock move by Standard & Poor’s to downgrade the sovereign to junk. Bankers on the deal have criticised S&P for its “clumsy” timing.
