Middle East Bonds
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Al Ahli Bank of Kuwait (ABK) is on track to become the fifth bank from the Gulf state to access the dollar market this year, while Ezdan pulls off a coup for lower rated names in the sukuk market. -
National Bank of Abu Dhabi (NBAD) priced the Gulf’s first ever green bond 7bp inside initial price thoughts on Monday.
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National Bank of Abu Dhabi (NBAD) has emerged with pricing for the Gulf’s first green bond, more than six months after meeting investors to market the note.
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Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.
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Lebanon took orders of nearly $18bn for its largest ever bond on Monday and quality international participation was seen in a book that remained dominated by local accounts, according to bankers on the deal.
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Qatari real estate developer Ezdan Holding has picked banks to arrange its second sukuk.
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Lebanon was on track to print a triple tranche bond at the long end of the curve on Monday, having announced price talk first thing.
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National Bank of Abu Dhabi revealed its new capital markets leadership on Thursday, following the bank’s merger with First Gulf Bank.
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Gulf Cooperation Council governments are expected to raise $32.5bn in international sovereign bonds this year, down from the record $38.9bn last year, said Moody’s in a report on Tuesday.
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This week saw the entry of Kuwait into the capital markets. The sovereign’s long awaited debut received orders of $29bn at peak, proving that demand for the region is as strong as ever. Now Argentina is looking to print a rare Swiss franc deal.
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Kuwait nipped in on Monday ahead of the Fed decision this week to raise $8bn with its debut bond, establishing a liquid benchmark at the five and 10 year parts of the curve. While the emphatic statement the deal made was not in question, there was debate about the bonds’ relative value against other Gulf sovereigns.
