Middle East Bonds
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Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group. -
A senior BNP Paribas CEEMEA DCM banker has resigned from the bank to join Goldman Sachs.
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Mizuho International (MHI) is expanding its presence in the Middle East and has opened an office in the Dubai International Financing Centre (DIFC). The bank has moved over a DCM banker from London to head the team, and is eyeing further expansion.
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Fund flows into emerging market bond funds hit a 76 week high in the week ending January 12, according to EPFR data, culminating a week of strong primary markets that a wobble in US Treasuries could do nothing to derail.
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Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.
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Strong demand enabled Oman to secure a larger than expected $6.5bn of funding on Wednesday, taking it a considerable way towards covering its Omr3bn ($7.8bn) deficit for 2018.
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Investors piled in excess of $12.5bn orders into a dual tranche dollar trade for Israel on Wednesday, the largest level of oversubscription the sovereign has ever experienced.
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The State of Israel opened books on Wednesday for a dual tranche dollar note that will extend its curve by an extra five years.
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Oman has hit the screens with a copycat trade of its 2017 triple tranche $5bn note, navigating a more volatile market than it may have hoped for after a back-up in US Treasuries on Tuesday.
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Two banks from the Gulf Corporation Council (GCC) have turned to Taiwan to raise dollar funding already this year, with Abu Dhabi Commercial Bank (ADCB) printing $540m and Qatar National Bank (QNB) printing $720m in Formosa trades.
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Kuwait could become the latest Gulf Corporation Council sovereign to issue 30 year debt after its parliament approved a bill allowing the government to raise its borrowing ceiling to KD25bn ($83bn), and to issue international debt out to 30 years.
