Middle East Bonds
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Equate Petrochemical Company, the Kuwaiti energy firm that made its global bond market debut in October, is on track to become only the second borrower from the jurisdiction to issue in sukuk format. -
Etihad Airways has issued the first ever Schuldschein for a Middle Eastern company, increasing the deal from €150m to €209m in syndication with strong demand from European and Asian commercial banks.
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Saudi Arabia's International Company for Water and Power Projects (ACWA Power) has pushed back its bond plans to 2017 after investors asked for more time to “understand the structure fully”. The target coupon, which investors told GlobalCapital was too low, will also be readdressed, according to a lead banker.
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EM bankers and investors were on Thursday underwhelmed by the Organisation of the Petroleum Exporting Countries' (OPEC) agreement to cut oil production for the first time in nearly eight years. But they said it was a positive that the price of Brent crude oil had seemingly found a floor.
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The Islamic Development Bank (IsDB) printed the first public dollar trade from the EMEA region since the November 8 US elections on Wednesday and managed to drive pricing inside its curve.
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The Islamic Development Bank is marketing a sukuk, the second Islamic bond in two weeks. The deal is expected to be priced on Wednesday.
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Saudi Arabia’s International Co 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. But ACWA’s “complicated” bond has left some investors perplexed and planning to sit out the trade. However, the bookrunners say there are decent anchor orders to support the book nonetheless, writes Virginia Furness.
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Etihad Airways on Wednesday printed its first standalone bond — a privately placed dollar sukuk — after a three day execution process, navigating difficult markets to raise $1.5bn.
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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.
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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.
