Middle East Bonds
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Oman, one of only two junk-rated sovereigns in the Gulf region, is tapping lenders for up to $2bn, as some say it could not find the right conditions in the bond market. According to bankers familiar with the deal, credit risk considerations are foremost and the sovereign will have to pay up to borrow. -
Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.
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The Hashemite Kingdom of Jordan and Hikma, a Jordanian company listed in London, hit screens this week, raking in cash and proving appetite for credits along the rating spectrum.
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A flurry of emerging market deals on Tuesday were proof, according to bankers, that bond investors are moving down the credit curve. The Hashemite Kingdom of Jordan launched a senior unsecured dollar benchmark, while Sibur, the Russian investment grade petrochemical company, was also set to finalise a dollar deal on Tuesday afternoon.
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Dubai port logistics operator DP World, tested the boundaries of emerging market investor risk appetite this week as it priced at $1.5bn sukuk hybrid deal.
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Arab Petroleum Investment Corp (Apicorp) repriced its curve on Wednesday, printing a five year new issue 20bp inside where its outstanding 2023 notes had been trading.
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Arab Petroleum Investment Corp (Apicorp) was in the market on Tuesday for a five year benchmark bond, having mandated for the deal in April.
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Dubai-based port logistics operator DP World is set to test emerging market risk sentiment by a new degree, as it announced investor calls for a hybrid capital bond offering.
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Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.
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First Abu Dhabi Bank bagged Rmb1.4bn ($198m) on Monday from its largest offshore renminbi bond to date.
