Middle East
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Oman Electricity Transmission Company, a partially state-owned utility company, entered the market on Wednesday for a dollar bond, just two weeks after the high yielding sovereign raised a dollar offering. -
Türkiye Cumhuriyeti Ziraat Bankası is in the market with its first ever sustainability bond — a five year dollar benchmark.
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Arab Petroleum Investment Corp — the multilateral development bank — held investor calls on Monday for a bond offering, nine months after its previous dollar outing. Although emerging market SSA issuance has been dominated by low rated, high yielding credits since the start of the year, investment grade issuers will begin to trickle in, bankers say.
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Qatar National Bank, a frequent issuer in the offshore renminbi bond market, has sold its first deal of the year in the currency, raising Rmb1.5bn ($232m).
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Emerging markets issuers across CEEMEA and Latin America once again triumphed in primary bond markets this week, with several sovereigns and corporates notching record low costs of funding. But there are signs that the direction of US rates is playing on investors’ minds, write Mariam Meskin and Oliver West.
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Saudi Arabia’s National Commercial Bank sold an additional tier one bond this week. Some see the trade from the kingdom’s largest financial institution as a prelude to a bond sale by the sovereign, which could happen next week.
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HSBC has created a dedicated sustainable and transition finance team for the Middle East, North Africa and Turkey, as the region tries to make its economies more sustainable.
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Turkey raised approximately a third of its total financing requirements for the year on Tuesday in a single bond issue. Though the deal included a new issue premium, market participants were impressed with the borrower's execution.
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The Kingdom of Bahrain launched a $2bn triple-tranche bond on Wednesday, the second sovereign trade from the Gulf region this year. Both trades have, somewhat unexpectedly, been done by junk-rated governments.
