Qatar

Commercial Bank of Qatar has signed its latest loan in a year when fewer Middle East borrowers come to the market but those that have done so have arrived in bigger size

State-owned Qatar Petroleum was in the bond market on Monday with a multi-tranche bond that included a Formosa issue. Investors, meanwhile, say they expect the sovereign — one of the only Gulf states to have been absent from markets so far this year — to sell bonds imminently.

The Commercial Bank of Qatar hit the bond market for a five year benchmark on Wednesday, pulling in its spread to price the deal with around 5bp of new issue premium.

Commercial Bank of Qatar kicked off the second quarter with its first Swiss deal of the year. It was joined by New York Life, which raised Sfr475m as it benefited from its two triple-A ratings.

Gulf corporates Ooredoo, Nogaholding and Arabian Centres sprung into the bond market this week, defying revived market volatility to raise dollar funding. The string of corporate issuance follows a similar streak from the region’s FIG issuers last week.

Qatari telecommunications company Ooredoo started investor calls on Monday for a conventional dollar bond after a five year hiatus from the market.

The blockade imposed on Qatar by its Gulf neighbours in 2017 was lifted this week, with a gradual easing of all restrictions expected in the coming months. However, bankers and investors are skeptical that the move's "short-lived" effects will have a significant impact on regional capital markets, which have demonstrated resilience in recent years.

Qatar National Bank, by assets the largest bank in the Middle East and North Africa, has raised a dual tranche $3.5bn syndicated loan, one of the largest emerging market loans signed this year.

French agency Caisse des Dépôts et Consignations finished its 2020 syndicated funding programme with a visit to the Swiss market this week, printing an extremely tight deal through the high quality domestic covered bond curve.

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Qatar’s largest bank, Qatar National Bank (QNB), has raised the country’s first green bond, in a deal that achieved a new issue discount while diversifying and expanding the issuer’s investor base.

Two Gulf bank issuers — Qatar National Bank and Gulf International Bank — hit bond markets on Tuesday to raise dollar funds, following what has been a busy period for Middle Eastern issuers. With investor appetite remains ravenous and market conditions healthy, there is scope for further issuance.