Middle East Bonds

Equate Petrochemical Company, a US and Kuwaiti joint venture, has picked banks for its debut bond issue and, despite heavy supply from Middle East borrowers, bankers have no doubt demand for the deal will be strong.

As Middle Eastern countries reconfigure to lower oil prices, their funding needs could reach $560bn between 2015-2019, said S&P Global Ratings in a report on Monday.

Ahli United Bank Kuwait has opened books on a perpetual dollar sukuk after wrapping up investor meetings on Monday, books were oversubscribed and were due to close on Tuesday, according to leads.

Jordan has mandates two international banks for its second bond to come without a USAID guarantee as the sovereign places its first local currency sukuk.

Japanese technology giant SoftBank and the Public Investment Fund of Saudi Arabia have agreed to set up a UK-based technology fund for up to $100bn and have employed former bankers from Deutsche Bank and Goldman Sachs to help with the project.

Investor meetings for Saudi Arabia’s three tranche debut began in earnest this week, but with a rumoured $60bn to issue over three years, and rising concerns about the implementation of the country's 2030 plan, some dedicated EM funds are already preparing to sit out the imminent first megabond, writes Virginia Furness.

Taqa achieved tight pricing for a dual tranche dollar tap on Wednesday after starting wide due to uncertain market conditions and anticipation of imminent sovereign supply from Saudi Arabia.

Ahli United Bank’s Kuwait arm will be looking to issue a tier one dollar sukuk after wrapping up investor meetings on Monday, according to bankers involved in the process.

Abu Dhabi National Energy Company (Taqa) emerged with pricing on Wednesday for tap of its dual tranche dollar deal from June.

Saudi Arabia is lining up to meet investors for its long awaited mega-bond debut — a triple-tranche five, 10 and 30 year dollar issue — and a furious pricing debate has begun.

Bahrain’s dual tranche dollar benchmark attracted more than $6bn of orders on Wednesday despite investor expectations of an imminent jumbo issue from Saudi Arabia.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.