Middle East Bonds

Bahrain is no closer to accessing the capital markets for additional funding following its support package from its Gulf neighbours agreed last week, according to local investors. And nor is the appointment of Lazard as an advisor to the country seen as a precursor to debt restructuring.

EA Partners II, the structured high yield bonds backed by loans to several airlines which are partners of Etihad, announced a note event of default on Friday, thanks to the low bids it received for loans to Air Berlin and Alitalia, both of which collapsed last year.

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. But analysts and syndicate officials are being clear that this is only the first step to Bahrain regaining access to the capital markets.

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.