Middle East
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Top tier Turkish lender Akbank will launch a syndicated loan refinancing within weeks, according to sources. The borrower is likely to get tighter margins than for its last loan offering in October 2020. -
Arab Petroleum Investment Corp — the multilateral development bank headquartered in Saudi Arabia — on Wednesday sold a dollar bond after a week of roadshows. The start of the week has proven fruitful for Middle East banks, as bankers say issuers are steaming on despite volatility in the US rates market.
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Market participants have high expectations for Middle East bond issuance in the first quarter of the year. So far, a range of issuers from across the credit spectrum have entered markets, despite global market volatility.
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First Abu Dhabi Bank, the United Arab Emirates’ largest bank, came to market to sell a sterling bond on Tuesday, having already issued a number of deals since the start of the year.
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First Abu Dhabi Bank issued a Sfr260m ($293m) six year bond this week, the first Swiss franc green bond from the Middle East.
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Oman Electricity Transmission Company, a partially state-owned utility company, entered the market on Wednesday for a dollar bond, just two weeks after the high yielding sovereign raised a dollar offering.
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Türkiye Cumhuriyeti Ziraat Bankası is in the market with its first ever sustainability bond — a five year dollar benchmark.
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Arab Petroleum Investment Corp — the multilateral development bank — held investor calls on Monday for a bond offering, nine months after its previous dollar outing. Although emerging market SSA issuance has been dominated by low rated, high yielding credits since the start of the year, investment grade issuers will begin to trickle in, bankers say.
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Qatar National Bank, a frequent issuer in the offshore renminbi bond market, has sold its first deal of the year in the currency, raising Rmb1.5bn ($232m).
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Emerging markets issuers across CEEMEA and Latin America once again triumphed in primary bond markets this week, with several sovereigns and corporates notching record low costs of funding. But there are signs that the direction of US rates is playing on investors’ minds, write Mariam Meskin and Oliver West.
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