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Trade follows a private placement the bank made after the US-Iran war started
Qatari dairy company’s rights issue struggles to get done
Like many senior sukuk from the Gulf, local investors will drive demand
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Investors and banks are pledging right, left and centre to fight climate change. Good for them — but the economy must get to carbon neutrality as soon as possible. This cannot be done until banks and funds refuse to fund more fossil fuels. -
DP World has become the third Middle Eastern borrower to launch a sustainable finance framework — a preparatory move ahead of a debut green bond. More issuers from the Middle East are expected to follow suit.
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Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market.
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Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.
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Hypo Noe and Prima banka Slovensko competed for investors’ attention with similar sized covered bonds in the same seven year tenor on Tuesday. The Austrian transaction was priced with barely any concession and the higher rated Slovakian transaction was the first debut deal to price with a negative yield and the first from Central and Eastern Europe with a negative yield.
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South Africa made its largest ever trip to capital markets on Monday, raising $5bn across two tranches. However, the size may have been too ambitious as the bonds suffered early in the secondary market. Although they have since recovered, some investors may be deterred from jumping into the rest of the week’s slew of deals.
Sub-sections
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
