Bahrain
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A new wave of liquidity and price crunching could hit Bahrain’s loan market once details of the country’s bailout from its GCC neighbours emerge, according to lenders from the region. -
The Kingdom of Bahrain’s five year CDS spread has plummeted as investors’ fears of the country’s inability to meet the repayment of its $750m November 2018 sukuk began to recede after a statement of support from Saudi Arabia, Kuwait and the United Arab Emirates.
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Bahrain’s Oil and Gas Holding Company (Nogaholding), which is 100% state owned, is looking for seven year funding.
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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.
