Middle East Bonds

The National Bank of Oman has launched a tender offer to buy back half of a 2019 dollar benchmark as well as announcing a roadshow for a new five year deal.

Emerging market bonds are still under pressure from macro factors, but investors have plenty of capital markets business to keep an eye on as the pipeline, particularly in the Middle East, swells with deals.

A string of call dates is approaching for Middle East perpetual tier one bonds and DCM bankers are starting to look at whether these will be refinanced — and if so, how.

Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) were this week roadshowing the first public dollar sukuk since April and the first public bank deals from the Gulf states since March.

Al Hilal Bank hit screens on Thursday to announce a roadshow for a new five year Sukuk syndication — the first in the market in five months, according to Dealogic.

Abu Dhabi Islamic Bank is roadshowing a dollar benchmark Reg S additional tier one sukuk as the call date for its outstanding tier one approaches in October.

First Abu Dhabi Bank (FADB) appeared in the Swiss franc market on Thursday, selling five year bonds in an arbitrage driven transaction.

Emerging market borrowers and investors are returning from the summer break slowly but surely this week, but caution is still the prevailing tone.

It has been a dreadful August in emerging markets, but borrowers still have cash to raise and, despite the violent swings in secondary market levels, investors will have cash to put to work when the UK bank holiday has passed.

It’s been a turbulent summer in emerging markets, but borrowers in the Middle East in particular are already eyeing their return to the market.

Berlin property company ADO Properties had planned to issue its second corporate bond in recent weeks, following a successful investor update. However, a high profile bribery case in Israel has put the deal on hold for now.

Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan.