Middle East Bonds
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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. -
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.
