Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The Iran war has led to a flurry of private trades from the Gulf
Even if ceasefire succeeds, investors will still want a risk premium
Funding costs and new issue premiums are much higher than GCC issuers are used to
Senior banker will move to Abu Dhabi to take up position
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GCC debt markets are experiencing their first big wobble since gaining prominence as the most prolific issuers in CEEMEA, and no one saw it coming. The recent Qatar-related sell-off is both a stark reminder that EM assets are not a one-way bet, and highlights the vulnerabilities of a debt market fuelled largely by local bank demand. -
Qatari dollar bonds sold off by as much as five cash points on Tuesday after the central banks of United Arab Emirates, Bahrain and Saudi Arabia demanded banks to provide details of their exposure to Qatar. The move follows countries in the region severing ties with the gas-rich state, accusing it of supporting terrorism.
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Qatar’s debt sold off sharply on Monday after Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic relations, as well as all land and sea contacts, with the gas-rich state. Bankers recall a similar “flare up” in 2014, but are concerned about stability in the region’s financial markets.
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In this week’s round-up, the Hong Kong Exchange’s USDCNH futures record their second best trading volume on Wednesday, renminbi deposits in Hong Kong increase by 4.1% in April, and China and Germany agree to co-operate on trade and finance.
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Oman’s Bank Sohar has had to reduce the number of participants on its $250m syndicated loan after it was heavily oversubscribed, according to a banker on the deal.
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Oman Oil has mandated 12 banks to arrange a $1.2bn five year syndicated loan to refinance a $1bn tranche of a loan it took out in 2014, according to a banker on the deal.
