Middle East
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Bonds from two Turkish banks last week are doing well in secondary trading -
Bookrunners would have preferred a bigger gap between this week's two Turkish bank trades
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Demand was much better than similar deal from two months ago
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Low Gulf corporate bond issuance volumes prompt big book and small NIP for port operator
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The bank was encouraged by a Turkish peer’s trade that priced the previous day
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A successful trade is 'pretty vital' for other Turkish banks planning to issue
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The Middle East's IPO market is heating up again after a lull this year
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Investors feared the worst, but Erdoğan has performed a volte-face since winning in May
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Erdogan has shown that he is willing to listen to foreign investors, but they must act
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Local ECM issuance has suffered a major slowdown this year after a blowout 2022
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Asian buyers are limiting their involvement in Middle East bonds for all but the very best issuers
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The sovereign has already raised $16bn this year via a sukuk and a conventional bond
