Middle East Bonds
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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. -
Books were nearly $2bn for the UAE's Union National Bank’s return to the markets on Wednesday With issuance from UAE banks limited thus far, the 20bp-25bp starting premium offered good value, according to one EM banker.
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The Middle East bond floodgates have finally opened but with Bahrain hitting the road this week and Saudi Arabia's deal looming, supply concerns have prompted Oman to reopen its dual tranche tap at “eye-wateringly wide” levels.
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Union National Bank (UNB) has announced plans to return to the dollar bond market after an absence of nearly two years.
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National Bank of Abu Dhabi (NBAD) is still in talks with investors about a possible green bond, according to the lead managers, despite rumours that the planned deal will not go ahead due to disputes over pricing.
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Emerging market bonds opened 10bp-15bp wider on Monday giving issuers plenty of reason to sit and digest a sell-off following a months-long positive run. However, bankers said that more attractive valuations would be a positive for investors.
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Burgan Bank opened the senior dollar market for Kuwaiti lenders on Wednesday with a well received $500m five year bond.
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Emaar Properties made a triumphant return to the sukuk market on Wednesday with a tightly priced 10 year dollar bond.
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Burgan Bank set price guidance for its dollar market debut on Wednesday morning after amassing more than $1bn of orders.
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Gulf supply remained the dominant theme in CEEMEA bonds again this week as markets reopened in buoyant mood after Monday’s US holiday.
