Middle East Bonds
-
The loan market has provided ample support for corporates across the Gulf Co-operation Council (GCC) and Egypt in the last 18 months. This will continue, but issuers will also reacquaint themselves with the bond market with innovative products this year, writes Elly Whitaker. -
The liquidity crunch in the Middle East may have positive consequences for the development of infrastructure finance in the region — and in particular the role of private capital, says Chris Wright.
-
A swathe of ratings downgrades. one of which prompted Bahrain to first cancel a tap and then reprint it this week at a higher yield, is just one factor that will force Middle East sovereigns to pay up for bond funding just when they need it the most, writes Virginia Furness.
-
-
Bahrain’s decision to revive last week's cancelled bond sale was driven by reverse enquiry from investors who were unperturbed by the issuer’s new junk status, according to bankers on the deal.
-
HSBC Group’s Middle East business took a $300m hit in 2015, mainly due to higher loan impairment costs as the bank expects an increase in loan defaults in the UAE, according to its annual report.
-
The Islamic Development Bank is embarking on a three day sukuk roadshow, starting on Sunday.
-
The Kingdom of Bahrain has returned to tap bonds less than a week after an unexpected Standard & Poor’s downgrade led to the issuer cancelling a $750m dual tranche bond increase. Rival bankers said the strategy was right, but were surprised by the tight pricing offered.
-
Bahrain’s decision to pull its $750m tap on Thursday was hailed by some as a prudent move to protect investors, but aggressive secondary market action following the downgrade has still left some smarting, writes Virginia Furness.
-
Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement.
-
Bahrain took the decision to pull its $750m tap on Thursday morning after a shock move by Standard & Poor’s to downgrade the sovereign to junk. Bankers on the deal have criticised S&P for its “clumsy” timing.
-
Bahrain increased the size of its bond tap on Tuesday from $500m to $750m. While bankers away from the trade said while it came cheap for a tap, it was not surprising given the challenges the country faces.
