GCC
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Oman will be hoping this week's buoyant support of Middle East credits remains after Abu Dhabi attracted $17bn of orders to its $5bn dual tranche deal on Monday. Abu Dhabi hit big in emerging markets this week drawing $17bn of orders for its $5bn dual tranche bond. It is the largest deal from a Middle Eastern sovereign, an accolade it shares with Qatar which issued the same amount back in 2011.
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Saudi Arabia on Monday announced its plans to diversify away from oil production through a plan it called "Vision 2030". But the oil rich nation won't find it easy to execute in the plan, particularly when it comes to attracting skilled foreigners to fuel its goals. -
Bank Muscat printed its $500m five year bond from a $1.4bn book on Monday, offering a new issue premium of around 10bp-15bp for the deal, according to the lead managers.
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Abu Dhabi took orders of over $17bn for its first trade in seven years, proving that appetite for GCC debt remains strong, despite oil price concerns.
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Saudi Arabia’s plans for economic and social reform will involve developing its financial markets, including the use of derivatives.
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Oman's ministry of finance has signed a $2bn syndicated loan to buy aircraft from the UK’s BAE Systems, according to a banker on the deal, as the country prepares to launch its first international bond.
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Bank Muscat has released initial price thoughts for its benchmark five year bond, equating to a new issue premium of around 35bp.
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Books had reached $10bn for Abu Dhabi’s dual tranche offering by mid-morning in London on Monday, but the generosity of the deal has pushed other credits based in the emirate wider, according to two rival bankers.
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Oman has picked banks for its debut international bond three months after signing its first loan.
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Even the big beast of the Middle East is suffering the financing pressure sweeping the region. The margin on oil-drenched Saudi Arabia’s $10bn loan, revealed this week, compared to what it might have coughed up just months ago shows no borrower is immune, writes Elly Whittaker.
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Investors and analysts found encouragement this week in the resilience of oil prices after the failure of OPEC talks in Doha on Sunday. But there are signs that the positive mood will not last long.
