Middle East
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Despite the market volatility and uncertainty that have gripped emerging market bond markets in 2020, green and ESG-linked issuance has continued to grow, and market participants expect further expansion next year. -
Fifty year bonds caught the attention of issuers and investors alike across CEEMEA, especially the Middle East, this year. That will continue in 2021, but investors are not ready to flash their cash indiscriminately.
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Emerging market borrowers seem to be enjoying unfettered access to the capital markets, but many are now questioning whether this Covid-induced debt spree can be sustained in the long run. With fiscal support packages likely to be needed in 2021, investors will be sifting through EM governments to see which will be able to borrow and which will be left behind, writes Mariam Meskin.
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Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.
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Top tier Turkish lender VakifBank was in the market on Tuesday for its debut sustainable dollar bond, which market participants say is likely to gain strong demand from a wide investor base.
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The Istanbul Metropolitan Municipality, Turkey’s largest city, and VakifBank have both mandated banks to arrange dollar bond syndications. The trades come just days after the sovereign squeezed into the market before the US Thanksgiving holiday to raise a tightly priced dollar bond.
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Turkish lender Garanti Bank has raised a syndicated loan, as the country’s top-tier banks continue securing funding at competitive rates.
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Turkey raised a dollar bond on Tuesday, pricing $2.25bn of 10 year funding flat to its curve, demonstrating that investors believe it is recovering after a period of financial peril.
