Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Investors piled in orders more than four times trade’s size
Premium to dollars was in the high single digits, said a lead
The UAE bank capped the deal size at $500m, gaining some leverage over pricing
Attractive pricing versus dollars luring GCC borrowers back to the single currency
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Middle Eastern issuance is set to begin for the year with Gulf International Bank, which is looking to refinance a $500m bond due in December. The issuer is expected to be the first of many hoping to lock in funding before the next US rate hike pushes up borrowing costs. -
Likely faced with an assault course of volatility inducing events this year, emerging market issuers will be keen to raise cash early before Brexit/Trump/rate rises/European elections (delete as appropriate) come to blight the market.
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The next chapter of the renminbi internationalisation process could soon be taking place in the commodities market with Amundi Asset Management predicting the rise of petro-renminbi in 2017.
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Emerging market bankers are optimistic for a busy first quarter after markets opened on Tuesday in a much stronger position than they had a year ago. Sovereign issuers from the Middle East and CEE are expected to lead the charge.
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Strong credit fundaments and a supportive technical bid from local investors should help the GCC’s borrowers to weather any volatility thrown at them in 2017. But analysts warn of political threats putting negative pressure on the region’s bond prices. Virginia Furness reports.
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CEEMEA borrowers had their busiest year since 2013 this year, issuing $157bn of international bonds which is just shy of double 2015’s volumes.
