Middle East Bonds

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.

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.

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.

National Bank of Abu Dhabi has picked banks for a tier one subordinated deal, its first ever in the international bond market.

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.

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.

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.

Bank of Sharjah added a fresh name to a Middle East dominated CEEMEA market on Monday, opening books on a debut dollar deal.

Recent volatility in US and European bond markets has damaged capital flows into emerging markets. Although some analysts are expecting things to improve, the Institute of International Finance (IIF) expects capital flows into EM to hit their lowest level since the 2008 this year.

Emirates NBD has sold a trio of private MTNs, including its largest ever in the currency, as Japanese demand grows for the name.

Dubai Islamic Bank (DIB) ended up printing a larger than initially intended senior unsecured sukuk on Wednesday without compromising on spread, said bankers on the deal. Bank of Sharjah, meanwhile, is on track to continue the Middle East’s dominance of CEEMEA with a benchmark debut conventional deal.