Qatar
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Al Khaliji Finance (AKCB) made use of its newly minted EMTN programme to sell its first bond in yen on Monday, and other Middle East names could follow. -
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Ooredoo, the Qatar telecoms company, formerly Qtel, is roadshowing a dollar benchmark via eight banks, potentially adding to increased bond supply from the country, which already stands at seven times the full year total for 2015.
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Commercial Bank of Qatar is on track to print a new five year deal as bankers question whether the market is showing signs of too much supply.
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Qatar made history on Wednesday by printing the largest ever bond from a CEEMEA borrower. The triple tranche $9bn trade surpassed size expectations, and while initial teething problems saw the five and 10 year tranches soften in secondaries, rival bankers deemed the pricing a triumph.
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Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.
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Qatar National Bank signed its €2.25bn loan on Wednesday, increasing the deal by €750m in syndication and soaking up strong demand from lenders in Europe and China.
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State of Qatar made history by printing the largest ever deal from a CEEMEA borrower on Wednesday. The triple-tranche $9bn jumbo trade surpassed size expectations and proved that demand is abundant for the strong pipeline of Gulf issuers.
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The order books on Qatar’s triple tranche offering on Wednesday morning have been gathering serious momentum leading emerging markets bankers away from the deal to assess the bond was being priced to maximise size.
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Qatar National Bank will increase its loan from €1.5bn to €2.25bn, according to a banker close to the deal and top tickets receive all-in pricing of 126.7bp, according to a second banker.
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High profile sovereign bonds have dominated CEEMEA markets so far this week. Russia returned on Tuesday with its first deal since 2013, but not with the international slam-dunk the sovereign was hoping for. Elsewhere Qatar started book building for its long-awaited bond.
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A $100m three year loan for Doha Bank has launched into syndication with Mega International Commercial Bank as sole mandated lead arranger and bookrunner.
