GCC

Nogaholding sold its $1bn dual tranche bond on Wednesday from a book of around $2.5bn, demonstrating Bahrain borrowers’ access to the bond markets after the country’s bailout from its Gulf Co-operation Council neighbours in October.

Islamic Development Bank launched its first euro benchmark on Wednesday, raising €650m with a five year bond.

Mubadala Development Company has released initial price guidance for its benchmark 10 year bond at a level that is piquing investor interest, but tightening is expected.

Bahrain’s Oil and Gas Holding Company (Nogaholding) has released initial price guidance for a dual tranche six year and 10 year bond issue. An investor said he was expecting minimal tightening before pricing.

Qatar National Bank has returned to the loan market to refinance a €2.25bn facility, the bank's second stint in the market this year.

Bahrain’s Oil and Gas Holding Company (Nogaholding) is expected to open books on a dual tranche dollar bond as soon as Wednesday, in the country’s first test of debt markets since the government received $10bn in support from its neighbours.

Saudi Arabia’s bond debt was the best performing sovereign in its index last week, despite the country's government admitting that a journalist was killed in its Turkish consulate.

Rating: Baa3/—/BBB-

Middle Eastern borrowers are returning to the market in droves, picking up where they left off in September and making up for an underwhelming start to October.

Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.

Commercial Bank of Qatar is refinancing a $1bn loan signed in 2015, in one of the country’s first syndicated loan transactions since the Saudi Arabia-led boycott, which started in June 2017.

Two Middle East credits are on screens for dollar bond, with more in the wings waiting to come to market.