Middle East
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Kuwait’s Equate Petrochemicals and Abu Dhabi’s Taqa issued bonds this week, and bankers say issuance volumes are set to pick up further. -
Pegasus Airlines was seeking on Monday to issue a Eurobond in dollars. The deal will demonstrate market appetite for Turkish credit after the country navigated another economically tumultuous month, which saw investor confidence drop.
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Equate Petrochemical, the petrochemical producer part-owned by Kuwait, has laid plans to re-enter the international debt markets after less than a year since its last outing. The mandate comes just days after the IMF warned Kuwait to undergo fiscal consolidation after its economy shrank last year.
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The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates. But despite the policy move, investor anxieties remain.
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Banks are training their Middle East efforts on Saudi Arabia, where they are hoping to capitalise on growing capital markets activity. The result is a slug-fest for the best banking talent, but firms must learn the lessons of the past, writes David Rothnie.
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Dubai Islamic Bank priced the region's tightest ever additional tier one (AT1) bond this week, which may inspire other issuers into the market.
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Turkey's central bank once again faces a critical rates decision this week. Any whiff of a cut in rates would be disastrous for the volatility-stricken country and its access to capital markets.
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Saudi Aramco has raised cash from an investor consortium by leasing a section of its pipelines, following a similar deal from Abu Dhabi National Oil Company (Adnoc) last year. Other Middle East oil companies may follow suit amid concerns over the future of the oil prices.
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Turkish lender Akbank has managed to roll over a syndicated loan, which also marks its debut piece of ESG financing. However, pricing widened beyond expectations owing to heightened volatility in both domestic and international markets.
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Commercial Bank of Qatar kicked off the second quarter with its first Swiss deal of the year. It was joined by New York Life, which raised Sfr475m as it benefited from its two triple-A ratings.
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Market participants are bracing themselves for the Central Bank of the Republic of Turkey’s monetary policy meeting next week, which they hope will result in interest rates being held. Though market access for the sovereign remains difficult, markets are showing some signs of stabilisation.
