Middle East Bonds

Four Qatari banks have been meeting investors with a view to printing bonds.

Qatar's banks face a wall of maturities in 2018 and need the door to capital markets funding to be flung open for them. But it does not have to be the Qatar sovereign that does the opening.

Emirates Reit, the world’s largest listed Sharia compliant real estate investment trust has drawn an order book of over $850m for its five year sukuk.

Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.

Emirates Sembcorp Water & Power revised guidance for a new issue downwards on Wednesday morning after taking orders of $2.3bn.

Saudi Aramco’s jumbo IPO is taxiing towards take off, though the timing and any co-listing locations along with Riyadh have yet to be revealed. London and New York’s exchanges are eager to host a co-listing, with Toronto, Hong Kong and Singapore also in the frame for what promises to be the biggest ever IPO, valuing the company at $2tr.

Emirates Sembcorp Water & Power has opened books on its $400m amortising note. Some market participants say the move signals the next phase of GCC fiscal rebalancing as governments look to offload fully operational infrastructure projects onto international investors, though others are sceptical that the trend will really take off.

Emirates REIT, the world’s largest listed Sharia compliant real estate investment trust, has named leads for its debut sukuk.

Lebanon's sovereign Eurobonds recovered some 60bp–120bp during the week ending Thursday, including a 25bp tightening on Wednesday morning, after prime minister Saad al-Hariri returned to the country in an apparent reversal of his recent resignation.

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.

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.