Bahrain
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Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days. -
The $1bn 10 year note issued by Bahrain’s Oil and Gas Holding Company (Noga) had already traded up by two cash points in the secondary market on Thursday, after landing at the top end of where deal watchers saw fair value.
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Bahrain’s Oil and Gas Holding Company (Noga) had taken books of $2.6bn for its debut 10 year bond on Wednesday, while bankers debated the significance of the spread over the Bahraini sovereign.
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Bahrain’s Oil and Gas Holding Company (Noga) is set to hit the road to market a debut 144A/Reg S dollar denominated benchmark trade with a tenor of up to 10 years, less than two years after the company made its debut in the syndicated loan market.
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State-owned Abu Dhabi National Oil Co. (Adnoc) launched a $6bn debut syndicated loan this week after increasing the credit’s size and tightening pricing in response to banks’ hunger for it.
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Middle Eastern banks are diversifying their funding portfolios by entering the international syndicated loan market for the first time, with Bahrain Islamic Bank (BisB) signing a deal at the end of September and two more due to sign this month.
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Bahrain Islamic Bank (BIsB) has signed its debut syndicated loan for $101m, double the initial launch amount.
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The dispute between Qatar and six other Gulf states could curb its chances of plugging the country's banks’ funding needs through the syndicated loan market, leading bankers to believe more private arrangements may be the answer to the isolated gulf state’s woes. Bianca Boorer reports.
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Bahrain raised $3bn this week, reopening the market for Gulf bonds after a long summer of political tension in the region. Despite deteriorating financials and a rising debt burden, exceptional market conditions, and expectations of support from its larger neighbour, boosted the book to $15bn, writes Virginia Furness.
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Kingdom of Bahrain drew orders of $15bn for its $3bn triple-tranche trade on Wednesday, having crushed the chunky new issue concession at price talk by as much as 50bp.
