Middle East Bonds
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A Saudi sovereign sukuk and corporate debt market reform would help prompt Saudi firms to turn to Islamic bond issuance, Fitch analysts said.
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National Bank of Egypt (NBE) has picked banks for its first bond deal in five years, hot on the heels of its sovereign’s return the international public markets last week.
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The Egyptian sovereign, although beset by economic and political challenges, still drew hundreds of investors into a $1.5bn 10 year bond on Thursday — marking a triumphant return to the public bond market after a five year absence.
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Bank of Sharjah priced its first international bond deal on Monday, while National Bank of Abu Dhabi and Drake & Scull International added their names to the Middle East pipeline. But there are signs the run of Middle East deals is leading to fatigue in the conventional market.
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Egypt opened books on its first public international bond deal in five years on Thursday morning, hoping to reconnect with the capital markets and offer a benchmark for its corporates.
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National Bank of Abu Dhabi has picked banks for a tier one subordinated deal, its first ever in the international bond market.
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Richard Segal has left Jefferies International, where he was an emerging market credit strategist based in London. -
The Middle East is still churning out deals and replenishing its pipeline, but a Gabonese Republic mandate offers hope of some diversification in CEEMEA. Petrobras and Buenos Aires, meanwhile, are among the names lighting up the Latin American bond markets.
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Bank of Sharjah priced its first international bond deal on Monday and bankers are adamant investors want more form the Middle East despite the recent supply glut.
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Almost 80% of United Arab Emirate investors surveyed by asset manager Franklin Templeton are interested in Shariah compliant investments. But almost two-thirds are attracted by factors other than ethics, according to firm's survey.
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Bank of Sharjah added a fresh name to a Middle East dominated CEEMEA market on Monday, opening books on a debut dollar deal.
