Middle East Bonds
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The bond has some novel features, said one investor -
The bank will take $600m on a book twice that size
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Books were over $2.1bn for a $1bn trade
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Sovereign has taken out two-thirds of the year's international funding plan in one swoop
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The Kuwaiti bank was one of GCC's first issuers in 2024
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Hybrid bonds are rare in the Gulf and even harder to find in Africa
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Markets are 'less bubbly' after a steep rise in US Treasuries in December
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Lack of proper economic data means any debt talks will be arduous
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ESG issuance has surged from the Middle East since its first appearance in 2017
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Dampened US rates outlook bad news for EM inflows but numbers don't tell full story and non-specialists step up
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Investors hope for cash inflows but no sign yet
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The CEEMEA primary market turned a corner in 2024 after two dreadful years. Hopes of interest rate cuts fuelled demand, with investors wanting to lock in high coupons while they could. Market access returned for all but a few and although most deals went very well, some stood out more than others.
