Middle East

Yapi Kredi Leasing (YKL), the leasing arm of Turkey’s Yapi Kredi Bank, paid 2% over Libor for its latest $206m loan and will become a benchmark for the Turkish leasing sector, according to a banker close to the deal.

The leasing arm of Turkey’s Yapi Kredi Bank, Yapi Kredi Leasing (YKL), has signed its first loan in eight years for $106m, as its parent company kicks off a $1.2bn refinancing.

Saudi Electricity Co has received approval from its executive committee for a new sukuk programme and a revolving credit facility. If the firm deploys the former this year it should help breathe life into a sukuk market that has lost much of its steam after a strong start to the year.

Participation from international lenders reached €544m in the latest loan for Turkey’s Türk Ekonomi Bankasi (TEB), a 15% increase from last year.

Kuwait International Bank (KIB) will sign a $320m three year Sharia-compliant loan on Monday. It was the Islamic bank’s first loan in eight years and was increased from $100m.

We remarked last week that emerging markets could face a difficult time ahead. Well, we didn’t have to wait long before the early manoeuvers in a possible currency war had an impact on sovereign CDS spreads.

Kuwaiti financial Burgan Bank has receive approval to buy back $400m and KD100m ($329.7m) in subordinated debt, which will no longer count as capital under Basel III regulation.

Türk Ekonomi Bankasi (TEB) has followed other Turkish banks on pricing for its $604-equivalent refinancing with a 367 day deal, but kept a 364 day tranche too.

The €200m loan for Turkish automaker Tofas is backed by the Italian export credit agency (SACE), a spokesperson for the firm told GlobalCapital.

South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years.

Abdulla Ali has joined Abu Dhabi Islamic Bank (ADIB) as head of agency, corporate finance and investment banking.

Kuwaiti financial Burgan Bank has receive approval to buy back $400m and KD100m ($329.7m) in subordinated debt, which will no longer count as capital under Basel III regulation.