Middle East Bonds
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Vereker goes to JP Morgan — SG picks new CEEMEA DCM head — Goldman names new cross markets head -
Citi has appointed Carmen Haddad as its vice-chair for the Middle East. During her time as country officer of Saudi Arabia, the bank has been involved in some of that country’s most notable capital markets deals.
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The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
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Samba Financial Group sold its $500m seven year bond on Wednesday from a book of $2.3bn. A syndicate official on the deal said that follow-on demand from the Kingdom of Saudi Arabia triple tranche print on Tuesday helped to propel the deal.
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Bahraini investment group Gulf Finance House printed its $300m five year sukuk on Tuesday from a book of more than $750m.
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Saudi Arabia scored a triple tranche dollar deal inside its own curve on Tuesday, raising cash at seven, 12 and 35 years. Samba Financial Group has since followed its sovereign into the market with its own deal.
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Bahraini investment group Gulf Finance House is targeting a $300m five year issue for its debut international sukuk.
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Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.
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Qatar Islamic Bank this week printed the Gulf region’s first Formosa sukuk, as issuers there stepped up their use of increasingly attractive Asian debt markets.
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Bahrain Mumtalakat, the country’s sovereign wealth fund, printed its $500m bond on Tuesday at 4.25% having tightened 62.5bp from initial guidance.
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First Abu Dhabi Bank printed a quick $500m five year Reg S sukuk on Tuesday morning in London. Because the deal was driven by reverse enquiry, leads started the execution process by announcing final guidance.
