Middle East

QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.

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.

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.

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.

Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer.

Emirates Development Bank, an agency guaranteed by the United Arab Emirates, hit screens for its debut five year Reg S benchmark on Wednesday, with initial price thoughts that looked promising to bankers away from the deal.

Turkish lender QNB Finansbank has mandated six banks to arrange a dollar 5.5 year Reg S/144A benchmark senior bond, the first senior bond from a Turkish bank since March.

Central bank governors, chief executives, fintech pioneers and bankers met at the GCC Financial Forum hosted by Euromoney in Bahrain's capital Manama to discuss the reinvention of financial services and its impact on markets. Low oil prices and fiscal dilemmas across the region have not deterred capital market participants from robust activity, as investors and lenders exude confidence in the capacity of regional banks to incorporate financial innovation into their products.

Almarai, the largest dairy company in the Middle East, has tightened price guidance for its dollar benchmark sukuk as investors jump on the offer of exposure to a company of “critical importance to Saudi and the GCC”.

Qatar International Islamic Bank has tightened price guidance on its five year sukuk and set the size of the deal at $500m after books for the note exceeded $2.9bn.

Sir Gerry Grimstone, whose departure from Barclays was announced last week, is joining a joint venture between Investcorp and Aberdeen Standard Investments as chair.

A potent mix of ingredients this week yielded some of the most fertile primary market conditions of the year across credit classes. Borrowers emerged from blackouts blinking into a dazzlement of demand. Now they are urged to do the deals they have long dreamed of before the market sours.