Middle East Bonds
-
Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues. -
EM investors are nervous: only one of the new emerging market sovereign bonds issued in the last two weeks is trading above par and now Saudi Arabia has opened books on what is likely to be a third jumbo transaction.
-
Saudi Arabia will return to the international capital markets this year and has named leads for a triple tranche conventional bond.
-
Jordan was this week on the road looking to extend its bond curve out to 30 years. Its longest outstanding bond to date is due to mature in January 2027.
-
Islamic Development Bank printed $1.25bn of sukuk on Tuesday that was firmly targeted at the sovereigns, supranationals and agencies crowd despite its emerging market jurisdiction.
-
The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.
-
Bahrain raised $3bn this week, reopening the market for Gulf bonds after a long summer of political tension in the region. Despite deteriorating financials and a rising debt burden, exceptional market conditions, and expectations of support from its larger neighbour, boosted the book to $15bn, writes Virginia Furness.
-
Qatar National Bank has secured $630m with a structured Formosa bond to prove it is still able to access funding despite the sensitives surrounding the Qatar crisis.
-
Qatar National Bank has secured $630m with a structured Formosa bond to prove it is still able to access funding despite the sensitives surrounding the Qatar crisis.
-
Kingdom of Bahrain drew orders of $15bn for its $3bn triple-tranche trade on Wednesday, having crushed the chunky new issue concession at price talk by as much as 50bp.
-
Saudi Arabia is reportedly planning to dilute its much touted National Transformation Program, a worrying sign for investors that confirms the doubts of observers who said the country’s Vision 2030 plan was too ambitious.
