Qatar
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State of Qatar made history by printing the largest ever deal from a CEEMEA borrower on Wednesday. The triple-tranche $9bn jumbo trade surpassed size expectations and proved that demand is abundant for the strong pipeline of Gulf issuers. -
The order books on Qatar’s triple tranche offering on Wednesday morning have been gathering serious momentum leading emerging markets bankers away from the deal to assess the bond was being priced to maximise size.
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Qatar National Bank will increase its loan from €1.5bn to €2.25bn, according to a banker close to the deal and top tickets receive all-in pricing of 126.7bp, according to a second banker.
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High profile sovereign bonds have dominated CEEMEA markets so far this week. Russia returned on Tuesday with its first deal since 2013, but not with the international slam-dunk the sovereign was hoping for. Elsewhere Qatar started book building for its long-awaited bond.
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A $100m three year loan for Doha Bank has launched into syndication with Mega International Commercial Bank as sole mandated lead arranger and bookrunner.
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The Gulf region is on for a record first five months of the year for bond issuance with Qatar, Noor Bank, Etihad and DP World all mandating this week.
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Middle East banks are still drumming up strong demand from the loan market despite bearish ratings for the region this week, with Qatar National Bank and Emirates NBD testing the market.
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Ooredoo, one of the largest telecommunications firms in the Middle East and Africa, is refinancing a $1bn three year revolving credit facility, according to two bankers.
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Qatar has mandated banks for a dollar senior unsecured bond, which bankers away from the note are expecting to be as large as $5bn in total.
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Ezdan Holding, a Qatari property company, has printed the third bond from the Middle East this week, a $500m five year sukuk.
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Lenders have piled in with aggregate commitments well beyond the €1.5bn deal size for Qatar National Bank, as the lender swerved negative ratings actions against a number of Qatari banks.
