Middle East Bonds
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HSBC has shifted responsibility for its regional businesses and given chief financial officer Ewen Stevenson a broader remit, ahead of updating investors with results on Tuesday and amid its overhaul of operations. -
National Bank of Kuwait, the country's largest lender, was set to raise an additional tier one (AT1) bond on Thursday as FIG issuers across the Gulf take advantage of good credit conditions. More subordinated funding from the region's banks is expected in the coming weeks.
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Despite a modest recovery in oil markets after an unprecedentedly volatile period last year, hydrocarbon-dependent emerging market governments are being warned to diversify urgently, amid estimations that a multi-trillion dollar revenue gap looms over some of the most vulnerable oil exporters. Capital markets must play a critical role in that transformation, say industry experts.
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National Bank of Kuwait, the country’s largest financial institution, has mandated banks to arrange an offering in its return to the additional tier one market. Market participants, however, are still holding out hope for the Kuwaiti sovereign to make an appearance.
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First Abu Dhabi Bank, the largest bank in the UAE, debuted in the euro market on Tuesday, selling a bond that was more than twice subscribed just a week after it entered the sterling market.
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Galaxy Pipeline Assets Bidco, an investor consortium that leased pipelines from Abu Dhabi National Oil Company (Adnoc) last year in a partnership deal, sold a $3.9bn senior secured dual tranche bond this week, just months after raising $4bn.
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Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever.
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Arab Petroleum Investment Corp — the multilateral development bank headquartered in Saudi Arabia — on Wednesday sold a dollar bond after a week of roadshows. The start of the week has proven fruitful for Middle East banks, as bankers say issuers are steaming on despite volatility in the US rates market.
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Market participants have high expectations for Middle East bond issuance in the first quarter of the year. So far, a range of issuers from across the credit spectrum have entered markets, despite global market volatility.
