Middle East
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The Iran war has led to a flurry of private trades from the Gulf -
Even if ceasefire succeeds, investors will still want a risk premium
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Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Funding costs and new issue premiums are much higher than GCC issuers are used to
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Senior banker will move to Abu Dhabi to take up position
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Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
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A prolonged oil shock will hurt airlines, but a Covid-style industry collapse is a long way off
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Six tranche loan attracts record demand
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Borrowers from the Gulf region have a track record of remarkable primary market prints
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Asian buyers are sensitive to geopolitical turmoil in the Middle East, but they do return
