Middle East Bonds
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There are technical reasons for such wide spreads, in particular very low liquidity -
Recent new bonds from both the Middle East and CEE have held up, although liquidity is low
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Selling bonds internationally would cost more than interbank financing
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The real estate company continued a spike in primary market activity from Gulf issuers
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Mashreqbank priced at 8.5% after starting with guidance in the mid to low 8% area
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Year-to-date bond issuance volumes from GCC are down more than 75%
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Dar Al-Arkan and Mashreqbank guide though few more deals expected
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Local investors helped push the order book to $1.4bn
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Dar Al-Arkan and Mashreqbank queue new issues
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The insurer's own curve will not help bankers price a new bond
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