Middle East Bonds
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The sun is beginning to shine again on Egypt’s tourism sector as visitors start to return in number after the 2011 revolution. As the tourists return so will investment, aided by the government sponsored tourism private equity fund that could ultimately reach $1bn in size.
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With $16bn needing to be spent a year between now and 2020 to plug its infrastructure gap, Egypt has its work cut out. One of the most ambitious projects is to widen the iconic Suez Canal which could cost $200bn over the next 15-20 years.
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A sharp sell-off in European government debt scuppered Emirates NBD’s attempt at a $500m five year on Wednesday, leaving investors skittish and the UAE bank with a $350m print.
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Middle East issuance has accounted for nearly 38% of CEEMEA bonds printed so far this year, and that surge is shaking up the CEEMEA league table.
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A sharp sell-off in European government debt scuppered Emirates NBD’s attempt at a $500m five year on Wednesday, leaving investors skittish and the UAE bank with a $350m print.
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Emirates NBD took advantage of a quiet CEEMEA primary market on Wednesday and opened books on a benchmark dollar deal.
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Emirates Telecommunications Corp (Etisalat) increased its June 2019 dollar bonds to $900m on Tuesday, paying a single digit new issue premium for the tap.
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A Polish Swiss franc deal this week proved that even emerging market credits can enter the weird world of negative yields, while in Latin America Petrobras results have cleared the way for a wave of fresh deals.
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Emirates Telecommunications Corp (Etisalat) has released final price guidance for a $400m tap of its $500m 2.375% June 2019s that equates to around a 7.5bp new issue premium, according to an analyst in London.
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Peter Turney has been hired as the head of capital markets funding at Mubadala Development Company, replacing Ali Najafbagy.