Qatar
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Another week, another couple of difficult Middle East deals for the CEEMEA market. Bahrain and International Bank of Qatar hit the sizes they wanted but found that pricing stuck stubbornly at initial price thoughts, with international investors beginning to close up shop for 2015.
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International Bank of Qatar (IBQ) has priced a $500m five year debut international bond deal. Although the lender hit its target on size, it became the fourth Middle East issuer in row to price a deal at the same level as initial price thoughts. -
International Bank of Qatar (IBQ) opened books on a five year conventional debut deal on Wednesday morning as the Middle East keeps primary market supply running.
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Commercial Bank of Qatar is in the final stages of syndicating its $800m refinancing. More banks from the region will follow with loans with margins of around 100bp, according to bankers.
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The fate of three Middle East mandates this week spoke volumes about the state of that market, as issuers chase dwindling liquidity into the last weeks of 2016.
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International Bank of Qatar (IBQ) has mandated three banks to arrange a debut benchmark dollar Reg S senior bond. The deal will be eagerly watched as it will be only the second senior conventional ME bank deal since June.
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As Oman prepares to obtain a $1bn sovereign loan, Qatar is also in talks for a loan of as much as $10bn, although bankers think that target size could be reduced.
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The Middle East debt market reopened at last this week with two solid sukuk prints. But the twin benchmarks are unlikely to help bankers figure out how the market will hold up when supply starts in earnest.
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Qatar Islamic Bank (QIB) has given an indication of the new issue premiums Middle East names now have to pay. But estimates from bankers away from the deal on the QIB concession were twice as high as from those on the deal.
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Qatar Islamic Bank (QIB) launched the second Middle East benchmark in as many days on Tuesday, as that market shows signs of a healthy restart.
