GCC
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The International Islamic Financial Market has teamed up with the International Swaps and Derivatives Association to publish launch an Islamic cross currency swap standard. -
Emirates Global Aluminium launched syndication on Tuesday for a $4.9bn seven year loan facility, comprising both conventional and Islamic financing, to refinance existing loans.
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Another week, another couple of difficult Middle East deals for the CEEMEA market. Bahrain and International Bank of Qatar hit the sizes they wanted but found that pricing stuck stubbornly at initial price thoughts, with international investors beginning to close up shop for 2015.
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A 12 month roller coaster ride for US rates expectations has ended with the 10 year Treasury yield back where it started, and in the meantime the CEEMEA bond market has been turned on its head for completely unrelated reasons.
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International Bank of Qatar (IBQ) has priced a $500m five year debut international bond deal. Although the lender hit its target on size, it became the fourth Middle East issuer in row to price a deal at the same level as initial price thoughts.
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International Bank of Qatar (IBQ) opened books on a five year conventional debut deal on Wednesday morning as the Middle East keeps primary market supply running.
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Bahrain took $1.5bn from a dual tranche deal this week. But despite the unusual size of each tranche and the lack of price tightening, rival bankers kept their knives sheathed in recognition of how difficult the Middle East market has become.
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Commercial Bank of Qatar is in the final stages of syndicating its $800m refinancing. More banks from the region will follow with loans with margins of around 100bp, according to bankers.
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Bahrain opened books on a dual tranche dollar deal on Tuesday morning, which some investors think could be its last as a pure investment grade credit.
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The fate of three Middle East mandates this week spoke volumes about the state of that market, as issuers chase dwindling liquidity into the last weeks of 2016.
