Middle East
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The Republic of Turkey demonstrated its access to international markets this week with a four times oversubscribed sukuk. But the deal does not represent an access-all-areas pass to the capital markets for the borrower, following a turbulent period that has seen little change to appease investors, writes Mariam Meskin. -
An undisclosed shareholder has sold Dh1.1bn ($296m) of stock in Abu Dhabi Commercial Bank, one of the UAE’s biggest banking groups, through an accelerated bookbuild.
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Snus tobacco and match producer Swedish Match has made a rare stop in the euro bond market to issue its first offshore deal of the year. Elsewhere, QNB Finance and First Abu Dhabi visited a pair of niche currencies.
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Turkey's Akbank launched a dollar sustainable bond on Tuesday, just months after it raised its first ESG-linked syndicated loan.
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Turkey launched a June 2026 dollar sukuk on Tuesday, which some market participants believe is set to come "cheap" as the sovereign looks to extend its curve in the asset class.
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The Omani lender Bank Dhofar has secured a loan facility from a consortium of international banks, in a deal led by two regional lenders.
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Turkey has re-entered the debt capital markets with the intention of selling a Sharia-compliant bond, a sukuk. The proposed deal, which some say could come at a premium, was announced just days after Saudi Aramco achieved an enormous order book on its debut sukuk.
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At least three bank issuers across CEEMEA this week sold bonds of all different varieties. Emirates Development Bank, Ecobank Transnational and Ahli United Bank all tapped investors for dollar bonds.
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A brace of sukuk trades from the Gulf this week racked up enormous order books, demonstrating the voracious demand for Sharia-compliant paper. With a hungry investor base, sukuk issuance is expected to grow, despite some "teething problems".
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Saudi Aramco, the world’s largest oil company, entered the Sharia-compliant bond market for the first time on Wednesday, with what market participants called a tool for investor diversification. Proceeds from the capital raising are expected to fund Aramco's $75bn dividend.
