Bahrain
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Bahrain’s Oil and Gas Holding Company (Nogaholding), which is 100% state owned, is looking for seven year funding. -
The Kingdom of Bahrain was set to print a $1bn 7.5 year sukuk on Wednesday evening from a book of $2.2bn, with leads having managed to crunch the coupon to 6.875%. Rivals had called the guidance for the note “a new record” high for a new issue premium, but leads said the illiquidity of the sukuk curve rendered the concept of new issue premium almost meaningless.
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The Kingdom of Bahrain has squashed its plans to issue conventional bonds but is forging ahead with its long seven year sukuk, putting out initial price guidance for the deal.
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Syndicates away from the Kingdom of Bahrain's new issue are saying that a huge widening in the sovereign’s outstanding bonds is indicative that investors are “not happy” to see the new paper arriving, though those on the deal are simply blaming market volatility.
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Bahrain is on track to return to the dollar bond market this week despite weak external conditions, according to bankers involved in the process.
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The Kingdom of Bahrain has announced the only new CEEMEA bond mandate of the week so far, looking for a multi-tranche benchmark deal to follow its storming last foray into the international bond markets in September.
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A senior BNP Paribas CEEMEA DCM banker has resigned from the bank to join Goldman Sachs.
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Savannah Petroleum, the UK oil and gas company focusing on African exploration, has secured a partnership with ASMA Capital Partners, a Bahraini fund manager which invests on behalf of the Islamic Development Bank, as part of its equity capital raising, which is set to be priced today.
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Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days.
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The $1bn 10 year note issued by Bahrain’s Oil and Gas Holding Company (Noga) had already traded up by two cash points in the secondary market on Thursday, after landing at the top end of where deal watchers saw fair value.
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Bahrain’s Oil and Gas Holding Company (Noga) had taken books of $2.6bn for its debut 10 year bond on Wednesday, while bankers debated the significance of the spread over the Bahraini sovereign.
