Middle East Bonds
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Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks. -
Fiverr International has become of the latest Israeli software company to tap the US convertible bond market for financing during the pandemic, raising $400m.
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The volume of sukuk issues — bonds structured in line with Islamic financing principles — is set to decline this year, despite the market’s best attempts to diversify and become more sustainability-focused.
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First Abu Dhabi Bank, the highest rated lender in the Middle East, has mandated bookrunners to lead a perpetual non-call six year additional tier one (AT1) capital issue.
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Qatar’s largest bank, Qatar National Bank (QNB), has raised the country’s first green bond, in a deal that achieved a new issue discount while diversifying and expanding the issuer’s investor base.
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Two Gulf bank issuers — Qatar National Bank and Gulf International Bank — hit bond markets on Tuesday to raise dollar funds, following what has been a busy period for Middle Eastern issuers. With investor appetite remains ravenous and market conditions healthy, there is scope for further issuance.
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Saudi Electricity Co, which is majority-owned by the kingdom of Saudi Arabia, has raised its debut green sukuk — making it the first green bond ever issued by a Saudi issuer, just months after the Ministry of Finance raised a green export credit agency-backed syndicated loan.
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The Kingdom of Bahrain, one of only two sub-investment grade sovereigns in the typically highly rated Gulf, tapped investors this week for its second bond of the year. The deal comes just weeks after Bahrain increased its debt ceiling, as Gulf states grapple with the impact of low oil prices and Covid-19 on their spending plans.
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State-owned Saudi Electricity Co is set to debut in the still nascent green sukuk market, making it only a handful of issuers across the world to do so.
