Middle East Bonds
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New issuance from the Middle East has soared since the end of August and now banker and investor attention is turning to how much more is to come from the region and how much capacity the market has to absorb it, especially with a sharp rise in US Treasury yields this week. -
The Commercial Bank of Qatar raised Sfr100m ($100.9m) of September 2024 bonds on Wednesday evening, seven months after it debuted in the Swiss franc bond market.
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Petrochemicals company Saudi Basic Industries Corporation (Sabic) and Qatari bank Al Khalij Commercial Bank printed bonds on Tuesday with no sign of investors wearying of Middle Eastern supply despite $12.5bn having been sold from the region since the start of September.
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Al Khalij Commercial Bank (AKCB) raised $500m of five year Reg S paper on Tuesday, receiving strong demand and tightening the spread by 20bp from price thoughts.
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Petrochemicals company Saudi Basic Industries Corporation (Sabic) is in the market on Tuesday with a dual tranche dollar deal.
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Jefferies' drive to build its EMEA emerging markets business took another step forward this week, with the hiring of two research analysts, supporting a trading business that's been put together over the past two years. The US bank is rumoured to have its eyes on the primary markets next.
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Gulf International Bank (GIB) has picked banks for a five year dollar benchmark, joining the stream of high quality issuance from Middle Eastern borrowers.
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Aldar Properties, a real estate company based in Abu Dhabi, needed large orders from lead managers on Tuesday to get to $500m with a seven year sukuk transaction.
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Al Khalij Commercial Bank is embarking on a roadshow for a Reg S five year dollar benchmark bond.
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Abu Dhabi based real estate company Aldar hit screens on Monday morning with a seven year sukuk, but the deal seems to be relying on heavy support from leads.
