Middle East

CEEMEA bond watchers rarely agree on Middle East perpetual pricing and National Bank of Oman (NBO) was no exception. Rival bankers and investors gave a range of estimates as to how much NBO was paying up for its debut additional tier one (AT1) transaction.

Albaraka Turk Katılım Bankası (Albaraka Türk), has mandated seven banks to arrange a Basel III compliant Reg S tier two subordinated sukuk — only the second from Turkey and the first in sukuk format.

International Bank of Qatar (IBQ) has mandated three banks to arrange a debut benchmark dollar Reg S senior bond. The deal will be eagerly watched as it will be only the second senior conventional ME bank deal since June.

National Bank of Oman has set initial price thoughts on a tier one perpetual note. Commercial Bank of Dubai’s new $400m five year senior deal, meanwhile, was down in the secondary market on Wednesday, but investors said the slide was down to wider market weakness.

As Oman prepares to obtain a $1bn sovereign loan, Qatar is also in talks for a loan of as much as $10bn, although bankers think that target size could be reduced.

Commercial Bank of Dubai is settling for a smaller print and wider spread than originally indicated on its latest five year dollar bond, according to rival bankers and buyers.

The Sultanate of Oman will launch syndicated for its $1bn sovereign loan tomorrow (Wednesday), according to a banker on the deal.

Commercial Bank of Dubai has released initial price thoughts for a five year dollar benchmark at mid-to low 200bp over mid-swaps.

Bahrain has picked banks for investor meetings ahead of a dollar bond deal and starts investor meetings this week.

The Ranger went on the hunt for meditating bankers and found that each in the market has their own definition of inner peace.

Turkish sovereign and bank bonds initially rallied 20bp-30bp on Monday on the Justice and Development (AKP) party’s election victory in Turkey, but investors should remember that this is short term relief, not a long term fix.

Turkish sovereign and bank bonds crunched tighter this week as the ruling Justice and Development Party (AKP) regained its parliamentary majority, but the rally lost its steam on Thursday as the market looked further forward to at least another four years under President Recep Tayyip Erdogan.