Middle East Bonds

The real estate firm has swapped an unsecured sukuk for secured debt

After a calamitous year in EM bonds, market participants are wary of predicting how the next 12 months could play out. Few foresaw the war in Ukraine — and even fewer the Covid pandemic, which influenced volumes for the two previous years. But there is some hope of normalisation in 2023, as GlobalCapital’s poll of bankers and investors shows. By Francesca Young.

After a year of war, rate rises, inflation and political pressures on the CEEMEA region, fixed income markets have been badly shaken. Citi and JP Morgan’s vice-like grip on the top of the primary market league tables remains, though others have been forced to question their commitment to the emerging market bond markets. Francesca Young reports.

Outflows from EM bond funds are not far off the $100bn mark in 2022, writes George Collard.

Issuance from the Gulf is coming to an end this year but volumes may surge in 2023

Pricing was 'generous' in the view of one EM investor

Investors happier to buy new issues but pricing a problem for borrowers

GCC issuers are becoming more accepting of the new pricing reality

Saudi bank international bond issuance this year has been nearly triple that of 2021

The liability management exercise came at the same time as a $5bn new issue

Bonds in euros from CEE fared better than dollar deals from the Middle East

The development finance institution is offering a 'generous' spread, said one investor