Qatar
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Qatari lender surprises with concentrated issuance of 11 dollar floaters and a $500m three year fixed piece -
Year-to-date bond issuance volumes from GCC are down more than 75%
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Local investors helped push the order book to $1.4bn
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The insurer's own curve will not help bankers price a new bond
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Qatari lender attracted investors with a rare two year tenor in its first visit to Swiss market
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The lender is attracted to Switzerland by an arbitrage opportunity and a more diverse investor base
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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
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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.
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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.
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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.
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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.
