Qatar
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Qatar National Bank Group has opened a Hong Kong branch in a move to further expand its global presence. -
State-owned Qatar Petroleum was in the bond market on Monday with a multi-tranche bond that included a Formosa issue. Investors, meanwhile, say they expect the sovereign — one of the only Gulf states to have been absent from markets so far this year — to sell bonds imminently.
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The Commercial Bank of Qatar hit the bond market for a five year benchmark on Wednesday, pulling in its spread to price the deal with around 5bp of new issue premium.
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Commercial Bank of Qatar kicked off the second quarter with its first Swiss deal of the year. It was joined by New York Life, which raised Sfr475m as it benefited from its two triple-A ratings.
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Gulf corporates Ooredoo, Nogaholding and Arabian Centres sprung into the bond market this week, defying revived market volatility to raise dollar funding. The string of corporate issuance follows a similar streak from the region’s FIG issuers last week.
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Qatari telecommunications company Ooredoo started investor calls on Monday for a conventional dollar bond after a five year hiatus from the market.
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Qatar National Bank, a frequent issuer in the offshore renminbi bond market, has sold its first deal of the year in the currency, raising Rmb1.5bn ($232m).
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The blockade imposed on Qatar by its Gulf neighbours in 2017 was lifted this week, with a gradual easing of all restrictions expected in the coming months. However, bankers and investors are skeptical that the move's "short-lived" effects will have a significant impact on regional capital markets, which have demonstrated resilience in recent years.
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Qatar National Bank, by assets the largest bank in the Middle East and North Africa, has raised a dual tranche $3.5bn syndicated loan, one of the largest emerging market loans signed this year.
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French agency Caisse des Dépôts et Consignations finished its 2020 syndicated funding programme with a visit to the Swiss market this week, printing an extremely tight deal through the high quality domestic covered bond curve.
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Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.
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