Middle East Bonds
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Oman on Wednesday printed the first benchmark sized note from the CEEMEA market since the UK’s vote to leave the European Union last Thursday sent markets into a tailspin. -
Securities in National Bank of Abu Dhabi and First Gulf Bank shot up on Monday morning in reaction to the prospective merger of the two Middle East banks. The creation of a "national champion" would be a positive for the market, said bankers in the region.
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Two Middle Eastern corporate credits this week shrugged off global market uncertainty, and escalating concerns that Britain will vote to leave the EU on June 23, to print strongly supported trades which came flat to inside their existing curves.
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Ooredoo executed a swift deal to snap up $500m ahead of the US Federal Reserve's interest rate meeting on Wednesday, printing inside its curve as demand for Middle East credits defied weak markets.
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Abu Dhabi’s national energy company Taqa printed a $1bn dual tranche note in a market marred by Brexit concerns on Tuesday but bankers on the deal said the strength and rarity of the credit enabled it to transcend the weaker tone to print a strong trade.
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Ooredoo finally opened books for a $500m no-grow 10 year bond on Wednesday after finishing investor meetings last week. With political risks and a US interest rate meeting posing risks to market stability, lead managers are hoping for a swift execution.
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Abu Dhabi National Energy Company (Taqa) has released initial price guidance for a dual trancher in a choppy market, while Qatari telco Ooredoo has chosen to wait.
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Al Khaliji Finance (AKCB) made use of its newly minted EMTN programme to sell its first bond in yen on Monday, and other Middle East names could follow.
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Islamic Corporation for Development (ICD) is planning a $250m private placement (PP) in July which will bring it close to its full funding requirement for the year.
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Oman successfully pinned down $2.5bn of funding through a dual tranche note this week, even as Saudi Arabia’s gargantuan bond creeps closer.
