Middle East
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Loan issuance from Omani borrowers, some of them debut deals, is in full flow and demand from international investors holds strong despite Oman’s recent downgrade. -
Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.
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Qatar National Bank signed its €2.25bn loan on Wednesday, increasing the deal by €750m in syndication and soaking up strong demand from lenders in Europe and China.
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Petroleum Development Oman is holding a bank meeting in London on Friday to liaise with new banks which could be interested in its $3bn loan.
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The Republic of Turkey has set roadshow dates for an outing in the sukuk market, edging closer to finishing off its $4.5bn external funding requirement for this year.
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State of Qatar made history by printing the largest ever deal from a CEEMEA borrower on Wednesday. The triple-tranche $9bn jumbo trade surpassed size expectations and proved that demand is abundant for the strong pipeline of Gulf issuers.
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After 15 years in the Middle East, and nearly a decade in the role, Commercial Bank of Dubai’s head of treasury and liability management will retire in June.
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The order books on Qatar’s triple tranche offering on Wednesday morning have been gathering serious momentum leading emerging markets bankers away from the deal to assess the bond was being priced to maximise size.
