Middle East Bonds
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January may have been a wash out for Middle East bonds and sukuk issuers as well as the British public, but one of those groups still has every reason to hope that things will improve. -
B Communications, the holding company of Israeli telco Bezeq, wants to sell a $775m-equivalent high yield bond in euros and dollars.
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Despite emergency rate hikes by India, Turkey and South Africa aimed at stopping the rot that tore through emerging market credit and currencies this week, senior bankers and traders insisted that this was not the beginning of a full blown EM crisis. And with the rise in credit spreads far from catastrophic, a blowout deal for Kuwait Projects Company and a healthy pipeline to look forward to, the evidence seemed to stack up in their favour, at least for now.
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The wave of CEEMEA sovereigns tapping the euro market before the volatility of this week was hailed by most as a temporary aberration from the norm. But issuers with large funding needs should take this opportunity to start nurturing this market more carefully and become regular issuers in both dollars and euros in the same way that the more sophisticated western SSA issuers operate.
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Kuwait Projects Company’s $500m five year bond was hailed as a success with tight pricing and good size, but bankers said that as emerging market local currencies resumed their sell off, little other paper from the CEEMEA region is expected this week. Lead managers on the deal were divided as to whether the Kipco demand is indicative of CEEMEA appetite more broadly for the week ahead.
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B Communications, the holding company of Israeli telco Bezeq, wants to sell a $775m-equivalent high yield bond in euros and dollars.
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Books for Kuwait Projects Company $500m five year bond are at $3bn, breaking the tension in CEEMEA with a clear demonstration that investors are still willing to buy some paper after the emerging market sell off early this week.
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Emerging market bond bankers have been unnerved by the sell-off in their asset class this week. But as trading stabilised on Tuesday and interest rate hikes in Turkey and India calmed local currency selling, a new issue emerged from Latin America and bankers hope others in CEEMEA may not be far behind.
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QInvest has staked its credentials as a potential arranger of Oman’s first sovereign sukuk, after pledging to support local Omani borrowers with advisory and other solutions.
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Abu Dhabi Islamic Bank (ADIB) has signed Dh450m ($122.5m) Islamic financing facility with Al Dhafra Cooperative Society, a private equity firm that serves local communities in western Abu Dhabi.
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Saudi Electricity Co (SEC) returned to the sukuk market earlier than expected on Saturday, printing Sr4.5bn ($1.2bn) with its first floating rate Islamic deal.
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