Middle East Bonds
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Despite a flurry of announcements by business leaders that they were abandoning their visits to a Saudi conference amid claims of the torture and murder of a journalist, IMF boss Christine Lagarde said she would go to Riyadh to “speak my mind”. -
With equity prices around the world tumbling, emerging markets bankers are watching to see just how badly their asset class will be affected.
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Gulf International Bank has cancelled a five year dollar bond that it began roadshowing at the end of September.
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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.
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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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