Middle East Bonds

The Kingdom of Bahrain’s five year CDS spread has plummeted as investors’ fears of the country’s inability to meet the repayment of its $750m November 2018 sukuk began to recede after a statement of support from Saudi Arabia, Kuwait and the United Arab Emirates.

The Islamic Development Bank has been meeting investors and banks in Europe to explore the possibility of launching its first public sukuk issue in euros. A labelled green sukuk might follow.

Investment company AllianceBernstein says it is focused on the development of the AT1 market beyond the large European banks, as it launched a new financials fund.

Israel Chemicals navigated a difficult market, which saw a pulled investment grade deal, to print a rare 20 year bond combined with a buy-back.

Jeffrey Elkhoury, a CEEMEA DCM banker, has moved to Dubai to as part of Société Générale’s plan to grow in the Middle East.

Two Qatari banks raised new debt in different formats on Thursday, proving that Qatari banks have a multitude of funding options available to them.

First Abu Dhabi Bank hit the Taiwanese market for a Rmb1.1bn ($172.69m) bond on Wednesday, just two months after its last Formosa deal.

Israel Chemicals, a leading global specialty minerals and chemicals company, has named leads for a rare long dollar deal, combined with a tender offer.

A senior and long serving emerging markets DCM banker at JP Morgan has quit the bank.

Commercial Bank of Qatar has become the first Qatari bank to mandate for a bond following the successful sovereign return in April, and much is riding on its success.

The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.

After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.