Middle East
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Turkey has benefited from support from official investors in the Middle East -
Scarce issuance from Israel means investors have big demand when deals appear
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Jumbo deal demonstrates the amount of cash investors have to deploy
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Bankers and investors saw the concession as low as zero but as high as 20bp
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Lender’s book was nearly three times oversubscribed, despite opening in London
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CEEMEA heads to record-breaking January
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US inflation reading later this week will be the first major test for the EM primary market this year
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The region will continue to generate large IPOs despite its mixed recent track record
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International banks are finding it harder to stomach the prices local rivals can offer
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A year to forget for European IPOs has produced a highly unusual league table
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Context and market conditions are always important when considering the merits of any new issue, but this was particularly the case in 2022, given how volatile markets were. Every CEEMEA issuer had to pay a high all-in price to get their deal away, and new issue premiums varied between issuers. EM issuers faced the toughest conditions in many years during 2022. The Russian invasion pushed investors to flee from riskier assets. The war had practical effects too: disruption to energy and food supplies sent inflation soaring and the resulting interest rate rises meant borrowing costs jumped sharply for CEEMEA issuers. New issue volumes dropped from 2021, particularly among CEEMEA corporates. By George Collard and Oliver West.
