Middle East Bonds
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Middle East mandates are keeping CEEMEA supply hopes alive in a difficult market, and even Ramadan’s arrival will not close the window for new deals.
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Another bank has joined the procession of Middle East borrowers targeting perpetual deals, and picked banks for its first ever bond in that format.
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National Bank of Abu Dhabi on Wednesday printed its $750m tier one perpetual with a coupon of 5.25%, the lowest ever for this kind of deal from the CEEMEA region. The feat was even more impressive for being printed on a day when Credit Suisse had its 10 year bond pulled because of market volatility.
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Heads of MENA DCM in Dubai have told GlobalCapital that regional corporate bond fees have been crunched over the last year, and expressed concern as to how this is affecting the quality of execution in the region.
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National Bank of Abu Dhabi on Wednesday printed its $750m tier one perpetual with coupon of 5.25%, the lowest ever for this kind of deal from the CEEMEA region. The feat was even more impressive for being printed on a day when Credit Suisse had its 10 year bond pulled because of market volatility.
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As the half year point of 2015 approaches, year to date CEEMEA volumes are at their lowest in six years. No bookrunner has escaped the plunge unscathed. But some have suffered more than others, and a rare few have taken a larger share of a shrinking CEEMEA market. -
National Bank of Abu Dhabi set price thoughts on its first ever international subordinated bond at 5.375% on Wednesday morning. Debt bankers away from the trade doubted the issuer could make a sub-5% finish.
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Mashreq Bank placed its first ever note in yen on Wednesday, marking a growing demand for Middle Eastern paper in the currency.
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Gabon has ended a weeks-long run of Middle East dollar benchmarks with a 10 year transaction, but National Bank of Abu Dhabi and Drake & Scull International are making sure the Middle East remains the driver of CEEMEA supply.
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Middle East fees for bonds have been crunched over the last year as competition heats up in the region to win mandates and other ancillary business. But issuers must be careful not to kill the golden goose.
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Three heads of MENA DCM in Dubai have told GlobalCapital that regional corporate bond fees have been crunched over the last year and two of those expressed concern as to how this is affecting the the quality of execution in the region.
