Middle East Bonds
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Naftogaz and Emirates National Bank of Dubai (ENBD) shelved plans for five year dollar benchmarks this week, thanks to a steep fall in the oil price and what bankers referred to as weak sentiment. -
NMC Healthcare, the London-listed United Arab Emirates healthcare company, made its bond market debut in a week wracked by volatility. But despite the choppy backdrop, NMC’s debut came off smoothly.
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Two emerging market borrowers had to postpone deals this week, thanks to volatility in the market. Naftogaz and Emirates NBD have had to put plans for their five year dollar benchmarks on hold.
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Despite commodity catastrophes and diplomatic discord, the Gulf is set to be one of the most promising regions for the syndicated loan market in coming years, with a number of projects in the pipeline and governments seeking to modernise their economies by diversifying their funding sources. Banks seeking long-term returns and future ancillary business should pay close attention.
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Emirates NBD is set to return to the dollar market, picking banks for a five year benchmark. The trade will be joined in the market by a dollar bond from UAE-based private healthcare provider.
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A pair of rare euro bonds from sovereign emerging markets borrowers hit the market this week, much to the approval of investors who said the deals provided “good value”.
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FX and equity markets jump as a possible US-China trade deal is back in sight, Chinese president Xi Jinping promises more developments on free-trade zones and a registration-based stock system, and the Dubai International Financial Centre takes action to expand Chinese institutions’ access to the Middle East Africa and South Asia (MEASA).
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Qatar may still be under a blockade set by its Gulf neighbours, but bankers are optimistic about its borrowers' prospects in the loan market just as Qatar National Bank (QNB) returns for its second deal this year, writes Mariam Meskin.
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