Middle East Bonds
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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.
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The Islamic Corporation for Development set the spread on its benchmark sukuk at the wide end of guidance on Tuesday afternoon in London, but by Wednesday midday the sukuk had still not been priced.
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A couple of debut issuers from the Middle East and two live debt exchanges are keeping bankers in CEEMEA busy this week and with several roadshows, albeit non-deal ones, in progress, the pipeline looks healthy.
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Ahli Bank Qatar (IBQ) has released initial price guidance for its debut bond, a Reg S dollar benchmark, at 275bp area over mid-swaps.
