Middle East Bonds
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Two Middle Eastern issuers have mandated bonds this week as the Lebanese Republic launched a $1bn note "for the people, by the people". -
With all the panache of a world-class tango dancer or left-footed football superstar Argentina stole the show in bond markets this week with the largest ever order book and largest ever issue size for an EM credit.
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Lebanon has launched its $1bn dual tranche note in line with price guidance on its 2024s and at the tight end of talk for its 2031s.
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Bank Muscat has mandated eight banks for a Reg S dollar benchmark bond.
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The Emirate of Abu Dhabi has mandated three banks to roadshow dollar benchmark, jumping into the market for its first bond since 2009 ahead of up to $20bn of potential sovereign supply from the region this year.
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Poland this week tackled head on the ghosts of bonds past and has reopened the ill-fated 2036 euro note it printed in January.
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Islamic Corporation for Development (ICD) printed a $300m five year sukuk on Wednesday. But it drew heavy criticism for having priced at the wide end of guidance with a lower size than the benchmark originally targeted.
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The dam holding back a flood of Middle East bonds was broken this week by Ahli Bank Qatar and Islamic Corporation for Development. But those two issuers demonstrated that, despite a renewed appetite for paper from the region, the price needs to be right to attract international interest.
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Ahli Bank Qatar printed its $500m five year bond on Wednesday from a $1.2bn book, demonstrating that there is investor demand for Middle East bank debt at the right price.
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The Islamic Corporation for Development printed its $300m five year sukuk on Wednesday but drew heavy criticism for having priced at the wide end of guidance with a lower size than the “benchmark” originally targeted, and for a lacklustre performance in the secondary markets on Thursday.
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Ahli Bank Qatar has tightened price guidance for its debut bond to 265bp-275bp area over swaps, and the deal looks set for success, according to a banker away from the mandate.
