Qatar
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New issuance from the Middle East has soared since the end of August and now banker and investor attention is turning to how much more is to come from the region and how much capacity the market has to absorb it, especially with a sharp rise in US Treasury yields this week. -
Al Khalij Commercial Bank (AKCB) raised $500m of five year Reg S paper on Tuesday, receiving strong demand and tightening the spread by 20bp from price thoughts.
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Al Khalij Commercial Bank is embarking on a roadshow for a Reg S five year dollar benchmark bond.
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Gas asset and infrastructure investment consortium Quadgas made its debut in the sterling corporate bond market on Monday with a £350m 11 year offering. The company had previously raised funds from the US private placement market, but this was its first benchmark public deal.
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The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues.
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Two Qatari banks raised new debt in different formats on Thursday, proving that Qatari banks have a multitude of funding options available to them.
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Commercial Bank of Qatar has become the first Qatari bank to mandate for a bond following the successful sovereign return in April, and much is riding on its success.
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The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.
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Four Gulf borrowers have provided a mixed bag of deals this week. While Taqa and Noor sold solid new bonds, this week’s debut issuers did not fare so well. Omantel traded wildly on the break and unrated Qatari conglomerate Mannai fared worse of all, pulling its deal.
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After the Qatari sovereign launched its $12bn triple tranche return to the bond market last week, Mannai Corporate, a conglomerate from the country, is following it into the market this week. Mannai is looking to print a senior perpetual non-call five Reg S only dollar bond. It will be the company’s debut in the bond market.
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Some 10 months after the eruption of the Gulf diplomatic crisis last summer, Saudi Arabia and Qatar have proved that the market is big enough for both of them, printing $11bn and $12bn deals respectively, and garnering a combined book exceeding $100bn.
