Middle East Bonds

International Bank of Qatar (IBQ) has priced a $500m five year debut international bond deal. Although the lender hit its target on size, it became the fourth Middle East issuer in row to price a deal at the same level as initial price thoughts.

International Bank of Qatar (IBQ) opened books on a five year conventional debut deal on Wednesday morning as the Middle East keeps primary market supply running.

Bahrain took $1.5bn from a dual tranche deal this week. But despite the unusual size of each tranche and the lack of price tightening, rival bankers kept their knives sheathed in recognition of how difficult the Middle East market has become.

The fate of three Middle East mandates this week spoke volumes about the state of that market, as issuers chase dwindling liquidity into the last weeks of 2016.

Commercial Bank

Debt bankers and analysts are expecting Saudi Arabia to tap the international markets for some $5bn in 2016, but BNP Paribas analysts warn that the sovereign entrance is going to hit the secondary levels of other Saudi borrowers.

CEEMEA bond watchers rarely agree on Middle East perpetual pricing and National Bank of Oman (NBO) was no exception. Rival bankers and investors gave a range of estimates as to how much NBO was paying up for its debut additional tier one (AT1) transaction.

International Bank of Qatar (IBQ) has mandated three banks to arrange a debut benchmark dollar Reg S senior bond. The deal will be eagerly watched as it will be only the second senior conventional ME bank deal since June.

National Bank of Oman has set initial price thoughts on a tier one perpetual note. Commercial Bank of Dubai’s new $400m five year senior deal, meanwhile, was down in the secondary market on Wednesday, but investors said the slide was down to wider market weakness.

Commercial Bank of Dubai is settling for a smaller print and wider spread than originally indicated on its latest five year dollar bond, according to rival bankers and buyers.

Middle East multilateral, Gulf Investments Corp (GIC) decided against proceeding with a dollar bond after finishing a roadshow. Liquidity in the region is falling, rating downgrades are looming and supply is likely to increase. Bankers should get used to borrowers balking at the final step — and not worrying about it.

Commercial Bank of Dubai has released initial price thoughts for a five year dollar benchmark at mid-to low 200bp over mid-swaps.