Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Tight price and strong book reported as market awaits geographic breakdown
Flood of AT1s expected to follow the first public trade from the Gulf in over two months
Announcements could come as early as Monday, the two month anniversary of the last public GCC trades
Islamic investors have been a safe haven for Gulf issuers in the past, and can be now
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Egypt’s Integrated Diagnostics Holdings rose 26% on Wednesday, its first day of trading in London, and has risen a further 11% since then, after the firm priced its massively popular rebooted IPO.
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First Gulf Bank’s return to Swiss francs received an enthusiastic welcome on Tuesday as local investors leapt at the chance to buy new high grade paper from the Middle East for the first time in two years.
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Three CEEMEA issuers announced this week that they were meeting investors as the low rates environment continues to attract borrowers to the market. But after the lead managers on deals from Emirates NBD and Brazil’s Votorantim in euros failed to tighten pricing from initial guidance levels, there are questions over market appetite. On Thursday evening one of the issuers postponed, saying they would “re-engage with investors later”.
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Emirates NBD has sold a trio of privately placed medium term notes, amid growing demand for MTNs from the region.
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DP World, the container ports group, is roadshowing a dollar benchmark conventional bond issue this week via Barclays, Citi, Deutsche Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi and Société Genérale.
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With the sovereign back in the international bond markets, the path is gradually clearing for Egypt’s banks and companies to finally access the global debt markets. Meanwhile, demand for Egyptian equities is picking up pace.