Middle East Bonds
-
GCC sovereign issuance began in earnest this week with Bahrain raising $600m and Oman mandating banks for a triple tranche deal. As Virginia Furness reports, the two deals mark the beginning of what will be a defining year for the region’s borrowers in the international capital markets. -
-
Oman has named seven banks to arrange an Islamic bond which it will bring to market shortly after the close of its planned triple tranche conventional bond, according to sources.
-
Oman, looking to extend its curve by just over 20 years, will hit the road on Friday. Technical factors underpinning the market are expected to propel the trade despite underlying questions about the Sultanate’s ability to manage its budget deficit.
-
Bahrain has raised $600m with a re-opening of its 2028s, pulling in a $2.6bn book that bodes well for the slew of Gulf Co-operation Council (GCC) sovereigns set to charge into the international bond markets this year.
-
Bahrain became on Tuesday the first of the Gulf Co-operation Council (GCC) sovereigns to raise international debt in 2017, and will be hoping to make the most of its early mover advantage ahead of a wall of regional supply to match last year's.
-
-
-
Plenty of demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled. Kipco followed on Thursday with an equally strong deal.
-
Kuwait Projects Company (Kipco) attracted more than $1.4bn of orders for a new 10 year dollar deal after tightening pricing to 4.75% area.
-
Strong demand from local and Asian investors allowed Ahli Bank Qatar to pay a minimal new issue premium for its second dollar market outing on Wednesday.
-
Ahli Bank Qatar emerged with pricing for a new five year senior dollar benchmark on Wednesday.
