Middle East Bonds

Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.

Saudi asset prices dropped on Monday after the arrest of senior officials on Saturday caught the market off guard, prompting a 2.2% fall in the Tadawul index and leaving investors nervously awaiting further developments.

Oman electrical distribution company Mazoon managed to print a $500m 10 year sukuk inside its sovereign’s curve on Wednesday as investors pounced on rare corporate JP Morgan Emerging Market Bond Index (EMBI) eligible paper from the Middle East.

Oman electrical distribution company Mazoon printed its $500m 10 year sukuk at the tight end of price guidance on Wednesday, with books hitting over $5bn for the note.

Oman electrical distribution company Mazoon has opened books on a 10 year sukuk with a chunky premium at mid to high 5%, leading to plenty of investor interest — despite the glut of Middle Eastern trades.

Standard Chartered Bank has relocated one of its DCM bankers to Dubai.

Abu Dhabi Crude Oil Pipeline (Adcop) printed a $3.037bn dual tranche debut trade this week, with the quasi sovereign shrugging off background swings in rates to print tight to the Abu Dhabi curve.

Israel Electric Corp will head out on a US roadshow next week, with the company meeting fixed income investors two months after worker strikes saw operating cash flow at the firm dip into negative territory.

Two issuers from the Middle East this week printed dollar deals with ease this week, covering a range of maturities from five to 30 years and demonstrating demand across the whole curve.

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co (Adnoc), has launched its $3bn dual trancher on Thursday with coupons set at the tight end of final guidance and books in excess of $11bn. Though an analyst said the levels offered looked fair, he said he was disappointed by the lack of transparency into Adnoc offered by the note.

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co. (Adnoc), has released initial price thoughts on a $3bn dual tranche senior unsecured bond and intends to print the note on Thursday.

Mazoon Electricity Company is embarking on investor meetings for a dollar Reg S/144A sukuk.