Middle East Bonds
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Qatar International Islamic Bank mandated banks on Wednesday for an AT1 sukuk, one day after Masraf al Rayan (MAR), another Qatari Islamic bank, had achieved tight pricing on its senior unsecured offering in the format. But another Middle Eastern deal, in Reg S/144A format, was pulled this week. -
A bleak situation in Lebanese bond markets deteriorated further on Tuesday when Moody’s cut its rating to Caa2 and kept the sovereign on review for further downgrades.
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Do responsible investing, ESG and sustainable finance mean anything? If so, they must mean investors cannot buy Saudi Aramco’s IPO. When the world is desperately trying to cut carbon emissions, ploughing billions into a newly listed oil company is the definition of a backward step.
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Guarantor: Mamoura Diversified Global Holdings
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The wild volatility gripping Lebanese hard currency bond markets has international investors keenly eyeing the soaring yields on offer. But with no clear path to market-friendly reforms in the country, trying to grab a bargain is still a trade for the brave, writes Ross Lancaster.
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Mamoura Diversified Global Holdings attracted demand from across the planet on Tuesday as it structured a triple tranche trade that allowed Taiwanese bids to flow to its 30 year bond.
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Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.
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Saudi state TV has set a date for the elusive Saudi Aramco IPO, talked up for more than three years — and it’s next week. The deal’s already threadbare rationale might dissolve at the first hint of scrutiny, but it’s too embarrassing to ditch it now.
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Mamoura Diversified Global Holdings (formerly Mubadala Development Company) has released initial price guidance for its dollar triple trancher at levels a rival syndicate official said looked fair, and included another 30 year bond from the region in just over a month.
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Masraf Al Rayan, the second largest Islamic bank in Qatar by total assets, is embarking on a roadshow for its debut outing in the international sukuk market.
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Emerging markets issuers enjoyed supportive market conditions this week as a variety of deals gave low new issue premiums and attracted healthy order books. But with investors talking about downing tools for the year, it is not clear how much longer helpful conditions will last.
