Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Kuwait joins PP party
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
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More articles/Ad
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Saudi Arabia’s $17.5bn triple tranche bond was performing well on Thursday morning, tightening 10bp across the curve, and bringing the rest of the region along with it — an impressive feat considering Saudi printed at tighter levels than rival bankers, and investors, were expecting. -
I’ve always considered myself a gent of superior taste and class. While I’m not averse to hanging out with the hoi polloi, I think it is no exaggeration to say that I’m considered one of Hong Kong’s respected elder statesmen.
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Saudi Arabia’s debut bond was met on Wednesday with enormous demand as investors poured in over $67bn of orders for the triple trancher by mid-morning. The deal, set at $17.5bn, will be the biggest emerging markets sovereign bond ever as one EM specialist questioned how the 30 year piece in particular could be priced so tight.
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The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.
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Equate Petrochemical Company, a US and Kuwaiti joint venture, has picked banks for its debut bond issue and, despite heavy supply from Middle East borrowers, bankers have no doubt demand for the deal will be strong.
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As Middle Eastern countries reconfigure to lower oil prices, their funding needs could reach $560bn between 2015-2019, said S&P Global Ratings in a report on Monday.
