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Two Turkish issuers were back on screens this week as the country continues its rehabilitation in the capital markets. QNB Finansbank printed with a 10bp new issue premium, according to one lead manager, a level which he said shows how far Turkey has come since the sovereign paid up 50bp for its post-volatility return to market trade in October.

The virtual drought in international corporate issuance in the Swiss franc market belatedly came to an end on Tuesday in spectacular fashion, when BMW launched a speedily executed two-tranche issue for Sfr600m ($600m).

Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.

QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.

Qatar International Islamic Bank sold its $500m five year sukuk on Tuesday, printing 25bp inside initial price guidance from an order book that reached $4bn in the first international sukuk deal from Qatar since May 2017.

Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer.

Most investors agree that emerging markets are in for a big year, based primarily on an overdone sell-off at the end of last year. But Jan Dehn, head of global research at Ashmore Group, believes that the asset class will benefit from a big realignment in asset allocation in the medium term.

Turkish lender QNB Finansbank has mandated six banks to arrange a dollar 5.5 year Reg S/144A benchmark senior bond, the first senior bond from a Turkish bank since March.

Almarai, the largest dairy company in the Middle East, has tightened price guidance for its dollar benchmark sukuk as investors jump on the offer of exposure to a company of “critical importance to Saudi and the GCC”.

Qatar International Islamic Bank has tightened price guidance on its five year sukuk and set the size of the deal at $500m after books for the note exceeded $2.9bn.

A potent mix of ingredients this week yielded some of the most fertile primary market conditions of the year across credit classes. Borrowers emerged from blackouts blinking into a dazzlement of demand. Now they are urged to do the deals they have long dreamed of before the market sours.

The strength of demand for emerging market new issues this week was a surprise to many on the sell-side. Every deal from the CEEMEA region flew, with each pulling off a spectacular result.