Middle East
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The Middle East debt market reopened at last this week with two solid sukuk prints. But the twin benchmarks are unlikely to help bankers figure out how the market will hold up when supply starts in earnest.
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Intercity, the Turkish car lessor, has signed what is thought to be the first ever Samurai loan for a Turkish company, for €40m. But Japanese investors will not come piling into the Turkish market, said one banker. -
Qatar Islamic Bank (QIB) has given an indication of the new issue premiums Middle East names now have to pay. But estimates from bankers away from the deal on the QIB concession were twice as high as from those on the deal.
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Qatar Islamic Bank (QIB) launched the second Middle East benchmark in as many days on Tuesday, as that market shows signs of a healthy restart.
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Teva, the Israeli pharmaceutical company, will hold a meeting with banks on Wednesday for the syndication of $33.75bn of loans it is using to buy generic drug business Allergan Generics.
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Qatar Islamic Bank (QIB) has picked banks for a senior Reg S sukuk, and kicks off investor meetings this week.
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Turkiye Garanti Bankasi is applying to the country’s capital markets board for authorisation to issue an international covered bond of up to €2bn, but the deal’s future likely hinges on the outcome of Turkey’s elections, said bankers close to the deal.
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Garanti has taken the first step to refinance its second loan of the year, with tranches of up to $1.5bn and €1.5bn.
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Beset by dire predictions and gloomy warnings from all sides as to the future of emerging markets, CEEMEA borrowers decided to ignore the melodrama and produce the second biggest week for issuance of the entire year.
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Istanbul Airport — Yapi Kredi — Ezdan
