Middle East Bonds
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KOKS Finance and Dubai Holding are looking to buy back part or all of their dollar notes due 2016 and 2017, respectively. -
Kuwait Projects Company (Kipco) was on track to print 2016's first corporate bond from CEEMEA on Tuesday as Turkish conglomerate Koc Holdings also said it would issue a seven year bond.
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Kuwait Projects Company (Kipco) will open books on a seven year bond after completing investor meetings on Monday.
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The Islamic Development Bank (IsDB) printed on Thursday morning its $1.5bn five year sukuk “well inside” its own curve, according to a syndicate banker on the deal. The profit rate was lower than its last outing despite the spread being much wider.
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The Islamic Development Bank has released initial price thoughts of mid- to high- 50bp over mid-swaps for a five year dollar benchmark sukuk, with central banks expected to be the biggest buyers.
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Oil prices are central to the economies of the Middle East so the commodity price collapse of the last year has had a big impact. But how bad is the outlook for growth and government finances? Chris Wright assesses the situation.
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Falling oil prices, escalating geopolitical tensions and now a slew of ratings downgrades — the Middle East’s sovereign borrowers have a lot to contend with. But strong local demand and appropriate spreads should ensure ample funding is raised this year, writes Virginia Furness.
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The fiscal strain of low oil prices in the Middle East has prompted international investors to flee the region. Spreads have blown out but issuers need funding. That means the sukuk market could be about to come to the rescue, writes Virginia Furness.
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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.
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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.
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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.
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