Middle East Bonds
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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.
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Bank Muscat has released initial price thoughts for its benchmark five year bond, equating to a new issue premium of around 35bp.
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Books had reached $10bn for Abu Dhabi’s dual tranche offering by mid-morning in London on Monday, but the generosity of the deal has pushed other credits based in the emirate wider, according to two rival bankers.
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Oman has picked banks for its debut international bond three months after signing its first loan.
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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".
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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.
