Middle East

Qatar International Islamic Bank mandated banks on Wednesday for an AT1 sukuk, one day after Masraf al Rayan (MAR), another Qatari Islamic bank, had achieved tight pricing on its senior unsecured offering in the format. But another Middle Eastern deal, in Reg S/144A format, was pulled this week.

A bleak situation in Lebanese bond markets deteriorated further on Tuesday when Moody’s cut its rating to Caa2 and kept the sovereign on review for further downgrades.

Abu Dhabi will launch a futures contract for its state-owned oil company’s onshore crude oil product in 2020, after a decision this week by the country's petroleum regulator.

The launch of Saudi Aramco’s IPO on Sunday will begin a fortnight of feverish debates and valuation discussions among investors and banks. But Aramco is not just an investment in an oil company: it is an invitation to be a junior investor in the state of Saudi Arabia — with all the dangers and upside that entails.

Do responsible investing, ESG and sustainable finance mean anything? If so, they must mean investors cannot buy Saudi Aramco’s IPO. When the world is desperately trying to cut carbon emissions, ploughing billions into a newly listed oil company is the definition of a backward step.

The IPO of Saudi Aramco has finally arrived, ending years of speculation over whether the world’s most profitable company would be listed. For investors, and equity capital markets as a whole, it ends feverish speculation over the company’s gargantuan valuation and allows funds to start crunching real numbers on potential dividends.

Guarantor: Mamoura Diversified Global Holdings

The wild volatility gripping Lebanese hard currency bond markets has international investors keenly eyeing the soaring yields on offer. But with no clear path to market-friendly reforms in the country, trying to grab a bargain is still a trade for the brave, writes Ross Lancaster.

Mamoura Diversified Global Holdings attracted demand from across the planet on Tuesday as it structured a triple tranche trade that allowed Taiwanese bids to flow to its 30 year bond.

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has closed a $10bn bridge loan, with tighter margins than its debut entry into the loan market in September 2018. The deal is one of this year's highlights from the region, where syndicated loan volumes have declined from last year.

Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.

Saudi state TV has set a date for the elusive Saudi Aramco IPO, talked up for more than three years — and it’s next week. The deal’s already threadbare rationale might dissolve at the first hint of scrutiny, but it’s too embarrassing to ditch it now.