Middle East Bonds
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Investor meetings for Saudi Arabia’s three tranche debut began in earnest this week, but with a rumoured $60bn to issue over three years, and rising concerns about the implementation of the country's 2030 plan, some dedicated EM funds are already preparing to sit out the imminent first megabond, writes Virginia Furness. -
Taqa achieved tight pricing for a dual tranche dollar tap on Wednesday after starting wide due to uncertain market conditions and anticipation of imminent sovereign supply from Saudi Arabia.
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Ahli United Bank’s Kuwait arm will be looking to issue a tier one dollar sukuk after wrapping up investor meetings on Monday, according to bankers involved in the process.
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Abu Dhabi National Energy Company (Taqa) emerged with pricing on Wednesday for tap of its dual tranche dollar deal from June.
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Saudi Arabia is lining up to meet investors for its long awaited mega-bond debut — a triple-tranche five, 10 and 30 year dollar issue — and a furious pricing debate has begun.
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Bahrain’s dual tranche dollar benchmark attracted more than $6bn of orders on Wednesday despite investor expectations of an imminent jumbo issue from Saudi Arabia.
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After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.
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Bahrain looked set for a successful dollar market return as books built rapidly for its dual tranche bond following the release of initial price thoughts early Tuesday.
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Oman locked down $1.5bn this week, pricing “wisely” with a decent new issue premium and kicking off a busy few weeks of issuance from the Gulf Corporation Council’s oil rich, but cash poor, sovereigns as Bahrain and Saudi Arabia ready trades.
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Union National Bank of the UAE nipped into the primary market a $600m bond on Wednesday, well ahead of competing supply, paying a skinny, if any, new issue premium.
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Oman left a chunky new issue premium on the table with its latest $1.5bn bond sale, but with competing supply looming, and a market backdrop that included two pulled trades, EM bankers said it was a prudent move that resulted in a great trade and over $4bn of orders.
