GCC
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FX and equity markets jump as a possible US-China trade deal is back in sight, Chinese president Xi Jinping promises more developments on free-trade zones and a registration-based stock system, and the Dubai International Financial Centre takes action to expand Chinese institutions’ access to the Middle East Africa and South Asia (MEASA). -
Qatar may still be under a blockade set by its Gulf neighbours, but bankers are optimistic about its borrowers' prospects in the loan market just as Qatar National Bank (QNB) returns for its second deal this year, writes Mariam Meskin.
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Mubadala Development Company printed its $800m 10 year bond on Wednesday, refinancing its tendered 2021s and 2022s and taking a minimal amount of new money in the process. But the new issue premium paid is under debate.
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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.
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Islamic Development Bank launched its first euro benchmark on Wednesday, raising €650m with a five year bond.
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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.
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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.
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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.
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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.
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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.
