GCC
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Qatari decision makers have worked hard over recent months to reassure the country’s partners and foreign investors about the country’s economic resilience, in the face of unprecedented strains created by the blockade imposed on June 5th by Saudi Arabia, the UAE and Bahrain
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Saudi Arabia cut through rising swap spreads on Wednesday to print its third jumbo transaction, bringing its funding efforts to $39bn over 12 months. The issuer kept the buyside sweet with around a 10bp new issue concession, and all three tranches were tighter in the secondary market on Thursday. -
Dubai healthcare group Aster DM Healthcare has signed a $295m facility with nine banks, despite concerns that its operations in Qatar would complicate syndication of the debt.
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Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.
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EM investors are nervous: only one of the new emerging market sovereign bonds issued in the last two weeks is trading above par and now Saudi Arabia has opened books on what is likely to be a third jumbo transaction.
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Bahrain Islamic Bank (BIsB) has signed its debut syndicated loan for $101m, double the initial launch amount.
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Saudi Arabia will return to the international capital markets this year and has named leads for a triple tranche conventional bond.
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Oman Oil Company Exploration and Production (OOCEP) has signed a $1bn loan with 11 banks, the fifth loan to come from the state-owned Oman Oil group.
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Islamic Development Bank printed $1.25bn of sukuk on Tuesday that was firmly targeted at the sovereigns, supranationals and agencies crowd despite its emerging market jurisdiction.
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The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.
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The dispute between Qatar and six other Gulf states could curb its chances of plugging the country's banks’ funding needs through the syndicated loan market, leading bankers to believe more private arrangements may be the answer to the isolated gulf state’s woes. Bianca Boorer reports.
