Middle East Bonds

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.

The Islamic Development Bank has set the roadshow schedule for its euro benchmark.

Bahrain’s Oil and Gas Holding Company (Nogaholding), which is 100% state owned, is looking for seven year funding.

Lebanon’s Blombank on Friday issued $300m of debt but the deal was most likely locally placed, according to international investors, who did not get involved because it offered no spread over Lebanon’s sovereign curve.

NMC Health, the Abu Dhabi-based private hospitals company, had to revise the terms of its debut $450m convertible bond issue downwards on Monday after pushback from investors on the price.

Four Gulf borrowers have provided a mixed bag of deals this week. While Taqa and Noor sold solid new bonds, this week’s debut issuers did not fare so well. Omantel traded wildly on the break and unrated Qatari conglomerate Mannai fared worse of all, pulling its deal.

Jamal Al Kishi has been appointed chief country office for the United Arab Emirates and general manager of Deutsche Bank's Dubai (DIFC) branch.

United Arab Emirates based Noor Bank has launched its five year Reg S sukuk at 165bp over mid-swaps, with order books over $1bn, including joint lead manager interest.

After the Qatari sovereign launched its $12bn triple tranche return to the bond market last week, Mannai Corporate, a conglomerate from the country, is following it into the market this week. Mannai is looking to print a senior perpetual non-call five Reg S only dollar bond. It will be the company’s debut in the bond market.

Omantel has released price guidance for its long five and 10 year dual tranche bond at a level one EM trader in London is calling “real cheap” at 100bp over the Oman sovereign curve.