GCC
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Rating: Aa3/AA-/AA-
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The State of Qatar far exceeded expectations this week as it raised $12bn from a three-tranche bond, with a staggering $50bn of orders testament to the strength of global demand for the issuer and the region. Some bankers raised concerns that the size of the transaction would “break the market” but investors were more relaxed. Lewis McLellan reports. -
Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.
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The State of Qatar wowed the financial world on Wednesday with a $12bn three tranche deal that gathered a staggering $50bn of orders.
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Qatar National Bank Group (QNB) closed a €2bn term loan on Wednesday, getting a heavily oversubscribed deal that demonstrated strong lender appetite in its first return to the euro market for nearly three years.
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Qatar launched a long anticipated triple tranche dollar benchmark on Wednesday, hitting three parts of the curve for what may prove the largest emerging markets deal so far this year. The deal had gathered more than $35bn of orders before the US open.
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The first issuer representing the United Arab Emirates (UAE) as a federal entity came to market this week. The deal was part of a trio from the Middle East, none of which offered investors anything in the way of new issue concession.
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The first issuer representing the United Arab Emirates as a federal entity came to market this week. Emirates Development Bank raised $750m with a five year, surprising market participants with an aggressive pricing strategy.
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Bahrain plans to raise debt in capital markets over the next year, and bankers believe it should get a positive response from the market as the country is expected to continue recovering from a period of economic instability.
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Qatar International Islamic Bank sold its $500m five year sukuk on Tuesday, printing 25bp inside initial price guidance from an order book that reached $4bn in the first international sukuk deal from Qatar since May 2017.
