Middle East Bonds
-
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. -
Guarantor: Mamoura Diversified Global Holdings
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
-
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.
-
Majid Al Futtaim, the Middle Eastern shopping mall developer, came to market on Wednesday for a Reg S long 10 year sukuk, one day after Saudia Arabia won a $13bn order book for its own deal in the format.
-
The Kingdom of Saudi Arabia is tapping hard currency debt markets for the first time since Fitch hit it with a downgrade, launching a $2.5bn sukuk on Tuesday.
