Middle East Bonds
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The first deals of what is set to be an autumn glut of bond supply from the Middle East suggest many investors have forgotten about a host of fear factors, including some at the heart of the region’s rocketing international debt funding needs this year. But market participants are wary of the effect of a huge print due from Saudi Arabia, writes Virginia Furness. -
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Sharjah Islamic Bank raised $500m with a five year sukuk on Thursday to take advantage of the interest in Middle Eastern assets.
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Qatar National Bank made the most of its early mover advantage to pull in over $2.6bn of orders, nearly a third of which came from Asia, to print its $1bn trade with a slim premium on Wednesday.
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Dubai’s Emaar Properties has picked banks for its first trade since 2014, a senior unsecured sukuk.
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Qatar National Bank (QNB) hit the screens with the first benchmark trade from the Gulf Cooperation Council after the summer break on Wednesday, taking orders in excess of $2.4bn by 10am.
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Primary markets have burst into life in CEEMEA with the Middle East the focus this week. Several mandates and a new deal from Qatar National Bank (QNB) have hit the screens.
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Sukuk stepped into the spotlight after JP Morgan decided to include Islamic bonds in its EM bond indices, but while eligibility will give the asset class a boost, it will be a while before the product is more broadly used.
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Emirates Islamic Bank (EI Bank) slipped into the market on Tuesday ahead of plenty of expected supply to raise $250m with a tap of its dollar sukuk due 2021.
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Kuwait's Burgan Bank will re-engage with investors this week after first setting up an EMTN programme for a senior dollar bond in July.
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Abundant oil reserves transform a country’s economy. The results are not always positive — some sovereigns suffer from the “Dutch Disease”, which inhibits exports of non-oil goods through an appreciation in the real exchange rate. But overall natural resources, in particular oil and gas, prove to be a boon for the lucky country’s finances.
