Middle East
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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.
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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.
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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.
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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.
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Abdulla Ali has joined Abu Dhabi Islamic Bank (ADIB) as head of agency, corporate finance and investment banking.
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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.
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Akbank has signed its $1.2bn-equivalent loan refinancing oversubscribed and at least three other Turkish banks will follow suit on deal tenor and pricing, according to a banker on the deals.
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Tofas, the Turkish automaker owned by Koc Holding and Fiat, has signed a €200m seven year loan that it had expected to close by the end of June.
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An Emirati financial has mandated banks for a tier one dollar transaction, adding to the Middle East post-summer pipeline.
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Abu Dhabi National Energy Company (Taqa) signed its $3.1bn refinancing oversubscribed and with a tighter margin on Wednesday, but its first half earnings showed a 35% decline in Ebitda.
