Middle East Bonds

Ezdan Holding, a Qatari property company, has mandated two banks for its debut sukuk and is embarking on investor meetings on Thursday.

Mubadala Development Company has mandated six banks for its first dollar benchmark since 2014 — making it the first public international bond with Peter Turney, an ex-Mitsubishi and BNP Paribas DCM banker at the helm.

Qatar National Bank has tapped the $625m Formosa bond it sold on Thursday for a further $475m on Friday, taking advantage of follow-on demand after the deal had been priced.

Abu Dhabi printed a stellar $5bn bond this week after a seven year absence. But it may not be as easy for other Middle East sovereigns that need to print big bonds this year. Fundamentals point to an uphill slog.

Abu Dhabi’s $5bn note, priced Monday, dazzled with size and rarity, but also set the bar for other Middle East sovereigns facing unprecedented funding needs. How that capital is raised could come to define the year in emerging market bonds, writes Francesca Young.

The National Bank of Abu Dhabi (NBAD) is in the final stages of introducing a US commercial paper (US CP) programme, in order to extend its global platform.

Qatar National Bank has sold the largest ever dollar floating rate note Formosa bond — a $625m deal — as several other issuers from the region clamour for the attention of this Taiwanese bond market.

Boubyan Bank, an Islamic Bank based in Kuwait, has mandated banks for its first offering, a Basel III compliant tier one sukuk.

Oman will be hoping this week's buoyant support of Middle East credits remains after Abu Dhabi attracted $17bn of orders to its $5bn dual tranche deal on Monday. Abu Dhabi hit big in emerging markets this week drawing $17bn of orders for its $5bn dual tranche bond. It is the largest deal from a Middle Eastern sovereign, an accolade it shares with Qatar which issued the same amount back in 2011.

Saudi Arabia on Monday announced its plans to diversify away from oil production through a plan it called "Vision 2030". But the oil rich nation won't find it easy to execute in the plan, particularly when it comes to attracting skilled foreigners to fuel its goals.

Bank Muscat printed its $500m five year bond from a $1.4bn book on Monday, offering a new issue premium of around 10bp-15bp for the deal, according to the lead managers.

Abu Dhabi took orders of over $17bn for its first trade in seven years, proving that appetite for GCC debt remains strong, despite oil price concerns.