Middle East
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The number of emerging market syndicated loans is in decline for the fourth year in a row, according to Dealogic data. Bankers' outlooks for the rest of the year err on the pessimistic side, with the fallout from the pandemic being the main concern. -
Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers.
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The new governor of Turkey’s central bank, Şahap Kavcıoğlu, kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for next week’s planned dollar bond issue by LimakPort.
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The new Turkish central bank governor Sahap Kavcioglu kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for Turkish port operator LimakPort's planned dollar bond next week.
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The Commercial Bank of Qatar hit the bond market for a five year benchmark on Wednesday, pulling in its spread to price the deal with around 5bp of new issue premium.
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Emirates Telecommunications company (Etisalat) was preparing on Tuesday for a dual tranche euro deal, while Commercial Bank Qatar was looking for a five year dollar bond.
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LimakPort, a Turkish port operator, said on Tuesday it will look to come to the dollar market for a 15 year amortising bond with a coupon that steps up if the issuer fails to meet sustainability targets.
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Market participants rejoiced this week as the primary market landscape returned to normal after US Treasury yield volatility subsided and a number of deals, both investment grade and high yield, came to the market.
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Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.
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Saudi Arabia's Red Sea Development Company has raised a green loan, marking the second deal of its kind raised in the kingdom and the first in local currency. Funds will be used to support the development of the country's new tourist attraction, the Red Sea Project.
