Middle East Bonds
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State-owned Qatar Petroleum was in the bond market on Monday with a multi-tranche bond that included a Formosa issue. Investors, meanwhile, say they expect the sovereign — one of the only Gulf states to have been absent from markets so far this year — to sell bonds imminently. -
Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.
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The Omani lender Bank Dhofar has secured a loan facility from a consortium of international banks, in a deal led by two regional lenders.
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At least three bank issuers across CEEMEA this week sold bonds of all different varieties. Emirates Development Bank, Ecobank Transnational and Ahli United Bank all tapped investors for dollar bonds.
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A brace of sukuk trades from the Gulf this week racked up enormous order books, demonstrating the voracious demand for Sharia-compliant paper. With a hungry investor base, sukuk issuance is expected to grow, despite some "teething problems".
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Saudi Aramco, the world’s largest oil company, entered the Sharia-compliant bond market for the first time on Wednesday, with what market participants called a tool for investor diversification. Proceeds from the capital raising are expected to fund Aramco's $75bn dividend.
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First Abu Dhabi Bank debuted its green bond programme in the dim sum market on Monday, selling the first labelled note in this format from a Middle Eastern borrower.
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Emirates Development Bank, which last entered the bond market with its debut in 2019, is one of many FIG borrowers from CEEMEA planning to tap investors this week.
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The Sultanate of Oman launched a dollar sukuk on Tuesday, which investors said would receive strong demand as investors hunt for high yielding Sharia-compliant paper.
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Ecobank Transnational is planning to debut in the sustainability bond market as Kuwait's Ahli United Bank prepares to enter the market for a sukuk. Emerging market issuers are continuing to flood the market amid concerns from some about the Federal Reserve tapering its asset purchase programme.
