Middle East Bonds
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Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate. -
The Emirate of Abu Dhabi took full advantage of a ready and willing investor base on Tuesday looking for high quality emerging markets to buy in the coronavirus pandemic, driving down pricing on a triple tranche tap to levels that leads saw as 5bp inside the issuer's own curve.
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The Emirate of Abu Dhabi made a swift return to bond markets on Tuesday just six weeks after it printed a $7bn triple tranche trade, tapping that same deal.
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Mamoura Diversified Global Holdings took full advantage of fast-building momentum behind Gulf issuers on Tuesday, when it printed a $4bn triple tranche trade that won $23bn of orders.
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The Kingdom of Bahrain moved emerging markets’ bond recovery beyond top tier issuers on Thursday as it printed a $2bn dual tranche dollar trade that raked in $11bn of demand.
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Lebanon, already in the throes of a sovereign debt crisis before the coronavirus pamdemic, made its request for International Monetary Fund assistance last week. Although foreign investors welcomed it, the plan has already run into opposition at home, setting up an arduous path of negotiation.
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The Kingdom of Bahrain has mandated banks to arrange a dual tranche bond transaction that is set to test the depths of Gulf Cooperation Council (GCC) recovery in EM bond markets.
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Qatar National Bank issued its third bond of the year on Tuesday, pulling in $3.5bn of orders by the time it released guidance for a five year deal that affirmed the market access for the top tier names in emerging markets.
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The State of Israel executed its second $5bn bond of the month on Monday with an opportunistic Formosa print that showed an issuance route for other highly rated emerging market names.
