Middle East Bonds

Robert "Bob" Fernandez, a veteran of EM debt capital markets, has joined Saudi Aramco's treasury.

Bahrain Mumtalakat, the country's sovereign wealth fund, is embarking on a roadshow with plans to print a seven year dollar sukuk. A syndicate official away from the deal called the move “courageous” given the political volatility in the Middle East.

Many investors made their first trades of the new year on Monday selling risk positions. That has thrown into doubt issuers' plans to bring new business to the primary market.

The State of Israel was first out of the blocks for emerging markets bonds on Monday, as it announced a dual tranche dollar offering despite market participants' continued caution after the US assassination of Qassem Soleimani.

With emerging markets bond bankers all ready to start deploying their pipelines next week, the US threw a potential spanner in the works on Friday when it killed Iranian general Qassem Soleimani.

Equity-linked bond investors were left hurting again this week after bonds and shares in NMC Healthcare, the London-listed Emirati private healthcare business, were hit by accusations of fraud by short seller Muddy Waters. This is another painful episode for the convertible bond market after its troubles with Wirecard earlier in 2019, and an earlier scandal at Steinhoff International.

Shares in NMC Health, the London-listed Emirati private healthcare business, plunged more than 20% on Tuesday morning after US activist short seller Muddy Waters said it had grave concerns about the company’s balance sheet and financial statements, hitting the firm's convertible bonds.

Bankers in Doha this week were eager to start a World Cup funding run in Qatar, as concerns over the Gulf state’s conflict with Saudi Arabia began to dissipate.

IHS Markit and Tadawul, the Saudi Stock Exchange, are forming a partnership to create indices for Saudi Arabia’s local currency bond and sukuk markets.

A handful of rare visitors came to the marker this week to place debt in dollars and yen, and bankers scrambled for a QNB mandate.

Islamic Development Bank took €1bn out of the euro market on Wednesday, as it made its green sukuk debut with investors.

Islamic Development Bank on Tuesday came to investors with a benchmark five year deal, two weeks after announcing its intention to issue a green sukuk in the euro market.