Middle East Bonds
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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.
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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.
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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.
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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.
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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.
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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.
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The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.
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London’s emerging market bankers are growing increasingly concerned about whether the Qatari central bank will go ahead with encouraging the country’s lenders into international bond markets, as tensions between the country and its Gulf neighbours continue. Michael Turner reports.
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The Kingdom of Bahrain has hired banks for a multi tranche Islamic and conventional trade that at the long end could stretch as far as 30 years, a tenor that some bankers have labelled “ambitious”.
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London’s emerging market bankers are growing increasingly concerned with how to deal with expectations that the Qatari central bank will encourage its lenders into international bond markets, as tensions between the country and its Gulf neighbours continue.
