Middle East Bonds
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Investors in emerging market bonds were in a celebratory mood this week as the asset class rallied back following losses last week. -
Citi has combined its Middle East and Africa (ex-South Africa) investment banking divisions and named a head for the new entity.
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Qatar is preparing a non-deal roadshow at the start of December, according to two sources with knowledge of the state’s plans, with a $9bn bond in the offing.
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Oman’s sovereign 2047s fell by as much as three cash points after Standard & Poor’s last Friday lowered the sultanate’s long term foreign currency credit rating to BB from BB+.
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Saudi Arabian asset prices failed to bounce back this week after last weekend’s high profile arrests, even though wider emerging markets staged a late recovery.
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Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days.
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Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.
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With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.
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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.
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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.
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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.
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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.
