Middle East Bonds
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Emerging market bond prices have begun to stabilise following the recent rout. The brief spell of stability before Thursday's Thanksgiving holiday in the US will come as welcome relief to the three issuers in the market on Wednesday. -
Saudi Arabia's International Company for Water and Power Projects (ACWA Power) is lining up the first corporate bond from the country since the sovereign’s $17.5bn debt sale in October. The issuer has a tricky market calendar to navigate but plans to print the $1bn deal before year end, and is expected to offer a pick-up over the sovereign.
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Remarkable resilience in the face of an uncertain future was the tale of emerging market bond prices on Wednesday as Donald Trump won the presidential election in the US, much to the surprise of EM traders themselves, who expected the risk aversion to last much longer. But the outlook for EM bonds under a Trump presidency is far from rosy. Latin America has been the clear underperformer so far but more pain is expected.
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Etihad Airways will begin investor meetings on a reverse enquiry for an intermediate sukuk, the successful placement of which will result in the borrower’s first ever standalone bond.
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CEEMEA borrowers raised $37bn of euro and dollar bonds in October, making it the busiest month on record.
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Two Middle Eastern issuers brought successful bond issues this week, catching the coat-tails of Saudi Arabia's success to print $3.25bn between them.
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Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant.
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Equate Petrochemicals drew orders of $5.5bn for its first dual tranche dollar bond on Thursday. The issuer opted for a two day execution to allow investors plenty of time to win credit approvals and place orders, according to bankers.
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Equate Petrochemicals was on track to sell a dual tranche five and 10 year dollar note on Thursday, talking the bond with ample spread which suggested the issuer is planning a sizeable trade, thought one emerging markets banker.
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Jordan made its second standalone entry into the international markets on Monday with a $1bn 10.25 year. The sovereign used Saudi Arabia’s international bond success last week and its index eligibility to grind in pricing to pay a negligible new issue premium.
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Jordan opened books on a long 10 year bond on Monday. The issuer will be hoping to catch the tail end of a post-Saudi Arabia bond rally and is offering a juicy 50bp premium to tempt investors.
