Middle East Bonds

For CEEMEA bonds, 2017 was a record breaking year and one which pushed the boundaries of product, tenor, and issuer. The $200bn of bonds raised in CEEMEA, and the $140bn raised in Latin America are the highest annual volumes on record. Investors’ seemingly insatiable appetite for EM debt fuelled massive inflows into the asset class and kept the many idiosyncratic risk events – from Qatar’s regional isolation to deteriorating relations between Turkey and the US– contained. Picking out the deals of the year for 2017 was not easy for GlobalCapital’s editorial team, but after much deliberation the below were chosen.

Nomura has hired Nihal Elkafrawi as head of client coverage for the Middle East and north Africa. She will foster cross-selling opportunities for global markets and investment banking, the bank said in a statement.

UK and Chinese officials press ahead with London-Shanghai Stock Connect, China tops the October league table of foreign holders of US Treasuries, and Bank of China opens a new branch in Qatar.

Qatar’s banks have been turning to collateralised borrowing to boost liquidity after being all but shut out of the public debt markets since June, and the deals are proving mutually beneficial to both lender and borrower, with international banks able to continue to show support for Qatar.

Citigroup has hired Majed Al-Hassoun to spearhead the relaunch of its investment banking effort in Saudi Arabia.

Debut sukuk issuer Emirates Reit on Wednesday priced a larger than expected deal of $400m after books reached nearly $1bn.

Doha Bank Qatar has sold a yen clip through MUFG, its first since June when the country became embroiled in a regional diplomatic spat. The trade is illustrative of a gradual return by investors to Qatari credits, said MTN bankers.

Four Qatari banks have been meeting investors with a view to printing bonds.

Qatar's banks face a wall of maturities in 2018 and need the door to capital markets funding to be flung open for them. But it does not have to be the Qatar sovereign that does the opening.

Emirates Reit, the world’s largest listed Sharia compliant real estate investment trust has drawn an order book of over $850m for its five year sukuk.

Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.

Emirates Sembcorp Water & Power revised guidance for a new issue downwards on Wednesday morning after taking orders of $2.3bn.