Middle East Bonds
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Qatar National Bank hit the market on Thursday, nipping into the market just behind Qatar Islamic Bank’s $750m five year sukuk. Its Middle Eastern neighbour, Sharjah, is going on the road to promote its own sukuk. -
Qatar Islamic Bank was able to tighten its spread by 25bp on its five year dollar sukuk benchmark on Tuesday.
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Qatar Islamic Bank has launched its $750m five year benchmark sukuk at 150bp over mid-swaps.
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Emirates NBD brought its first additional tier one (AT1) bond to market on Wednesday, printing the Middle East’s largest deal in the format. Now others in the emerging markets are set to follow.
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Emirates NBD came to market for its first additional tier one bond on Wednesday morning, printing what what data suggests is the Middle East’s largest ever deal in the format.
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Rating: Aa3/AA-/AA-
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The State of Qatar far exceeded expectations this week as it raised $12bn from a three-tranche bond, with a staggering $50bn of orders testament to the strength of global demand for the issuer and the region. Some bankers raised concerns that the size of the transaction would “break the market” but investors were more relaxed. Lewis McLellan reports.
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Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.
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The State of Qatar wowed the financial world on Wednesday with a $12bn three tranche deal that gathered a staggering $50bn of orders.
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Qatar launched a long anticipated triple tranche dollar benchmark on Wednesday, hitting three parts of the curve for what may prove the largest emerging markets deal so far this year. The deal had gathered more than $35bn of orders before the US open.
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