Middle East Bonds
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Mubadala Development Company has released initial price guidance for its benchmark 10 year bond at a level that is piquing investor interest, but tightening is expected. -
Bahrain’s Oil and Gas Holding Company (Nogaholding) has released initial price guidance for a dual tranche six year and 10 year bond issue. An investor said he was expecting minimal tightening before pricing.
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The Islamic Development Bank is out with initial price guidance for its debut euro benchmark sukuk — a €500m five year.
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Bahrain’s Oil and Gas Holding Company (Nogaholding) is expected to open books on a dual tranche dollar bond as soon as Wednesday, in the country’s first test of debt markets since the government received $10bn in support from its neighbours.
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Saudi Arabia’s bond debt was the best performing sovereign in its index last week, despite the country's government admitting that a journalist was killed in its Turkish consulate.
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Middle Eastern borrowers are returning to the market in droves, picking up where they left off in September and making up for an underwhelming start to October.
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Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.
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Two Middle East credits are on screens for dollar bond, with more in the wings waiting to come to market.
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Emerging market issuance is picking up steam once more, despite the weakening across the board in secondary levels.
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Turkish president Recep Tayyip Erdoğan waded into the drama unfolding in the Middle East on Tuesday morning. He called the disappearance of journalist Jamal Khashoggi a “pre-meditated” and “political murder”, but stopped short of revealing new evidence and left investors unfazed.
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Islamic Development Bank’s first euro sukuk benchmark is expected to come later this week, following the conclusion of the roadshow on Tuesday.
