Middle East Bonds
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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do -
Sovereign's $3bn deal tightens well as Asian demand returns
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The sovereign's public and private bonds of similar maturities are trading over 25bp apart
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Private bonds are now being offered in the open market wider than where public deals trade
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Even as USTs stay near 5%, supply expected to pick up
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Elevated new issue premiums to battle issuer desire to avoid more volatility
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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
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As war drags on, banks are boosting hoards of cash after deposit outflows
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The bank tightened a little more than a UAE peer did on Tuesday
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The euro tranche is a refi of a bond maturing later in September
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Treasury volatility means a fair value estimate was more difficult than usual
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Trade follows a private placement the bank made after the US-Iran war started
