Qatar
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GCC debt markets are experiencing their first big wobble since gaining prominence as the most prolific issuers in CEEMEA, and no one saw it coming. The recent Qatar-related sell-off is both a stark reminder that EM assets are not a one-way bet, and highlights the vulnerabilities of a debt market fuelled largely by local bank demand. -
Qatari dollar bonds sold off by as much as five cash points on Tuesday after the central banks of United Arab Emirates, Bahrain and Saudi Arabia demanded banks to provide details of their exposure to Qatar. The move follows countries in the region severing ties with the gas-rich state, accusing it of supporting terrorism.
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Qatar’s debt sold off sharply on Monday after Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic relations, as well as all land and sea contacts, with the gas-rich state. Bankers recall a similar “flare up” in 2014, but are concerned about stability in the region’s financial markets.
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Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.
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Qatari residential property developer Ezdan managed to recover its credibility as a sukuk issuer on Wednesday, printing a $500m 2022 at a reasonable spread, after what one EM syndicate banker referred to as its “shambles” of a debut in May.
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Qatari real estate developer Ezdan Holding has picked banks to arrange its second sukuk.
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Qatar Re drew nearly $6.5bn of demand for its debut hybrid dollar deal, the first in the format from an insurer from the CEEMEA region.
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Qatar Re has emerged with pricing for the first ever hybrid from a Gulf insurer following the conclusion of a three day roadshow on Friday.
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Perpetuals are aplenty in the Gulf Cooperation Council (GCC) with Qatar Reinsurance and Warba Bank lining up trades for next week after top corporate GCC corporate Majid Al Futtaim (MAF) accelerated pricing for its hybrid note on Wednesday. The yield pick-up offered by perpetual products is a no-brainer for investors in the low rate environment, say bankers in the GCC.
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The first ever Eurobond from a Gulf Co-operation Council (GCC) insurer could emerge as early as next week after Qatar Re announced plans for a global roadshow.
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