Middle East Bonds
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Bank of China has signalled its commitment to Beijing’s “One Belt One Road” policy with plans for a new five-tranche, four-currency bond that will be issued by its branches along the trade rout. The senior notes in dollars, euro, Singapore dollar and offshore renminbi are expected to raise up to $4bn and are a global first. -
National Bank of Egypt has set roadshow dates for a prospective dollar senior deal, and will be ready to launch the transaction next week.
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The Middle East remains the mainstay of the CEEMEA bond market, with borrowers continuing to put plans in place. National Bank of Oman has picked banks for its first ever additional tier one deal, becoming the latest in a long line of Middle East credits to mandate for dollar perpetuals.
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Etihad Airways is hoping to raise more than $1bn in a structured deal that would help fund the company and several airlines in which it holds a stake. But bankers and investors are sceptical the borrower can sell such a complex transaction, writes Steve Gilmore.
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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.
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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.
