Middle East Bonds
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“I was confused before I went in, and even more confused when I came out,” was how one EM investor described meeting Etihad and its partners to discuss its now infamous structured notes. -
Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin.
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Abu Dhabi’s national energy company Taqa is looking to issue a new bond to refinance $500m of debt due in October.
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Jordan has sent out a request for proposals for conventional and Islamic financing, adding to a building pipeline of Middle Eastern sovereigns.
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Jordan has sent out a request for proposals for conventional and Islamic financing, according to sources.
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Israeli pharma company Teva’s bonds plunged further on Monday after “one acquisition too far” saw ratings downgrades combined with concerns that the company will breach its debt covenants, prompting investors to dump holdings.
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Iraq roared back to bond markets this week with its first standalone bond deal in 11 years. The deal marked the end of a comeback after investors told the country "no" on a 2015 roadshow and capitalises on its recent military success in Mosul and a rebounding oil price, writes Virginia Furness.
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Iraq made an impressive return to the capital markets on Wednesday with a perfectly timed trade that enabled the issuer to leverage off its recent military success in Mosul, support from the IMF and higher oil prices to borrow five year money below 7%.
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Iraq had revised pricing to 7% area for its long awaited dollar bond on Wednesday after the low-7% starting point prompted debate among deal watchers.
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With a dearth of supply in emerging market bonds this week, investors have been keenly awaiting the arrival of Iraq's first public bond for more than a decade.
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Not only is Iraq expected to have the sole attention of the market when it opens books for its new bond on Wednesday, but it will offer investors a rare chance to lock in government debt at a decent yield in a market more barren than the Atacama Desert. In short, bankers are expecting a blowout.
