Dubai: Commercial Bank of Qatar (CBQ), the country’s third-largest bank by assets, has priced its five-year US denominated bond of $750 million (Dh2.7 billion) at a lower level, indicating demand outstripping supply.
The bond was priced mid-swap at 215 basis points (bps), lower than the guidance of 237 bps, sources said.
Oman and the Abu Dhabi National Energy Co were doing roadshows this week for their benchmark-sized dollar deals. The details on pricing and deal size were not known.
Abu Dhabi National Energy Co mandated BNP Paribas, Citi, First Gulf Bank, HSBC, National Bank of Abu Dhabi and SGCIB as joint bookrunners to arrange investor meetings for a possible bond issue. The roadshow will start in Hong Kong on Wednesday and move to Singapore on Thursday, before moving to Europe and the United States.
Saudi credit default swaps
Saudi Arabia’s credit default swaps were at 163 bps, down 3 bps overnight after the details on National Transformation Plan was announced.
“The plan is ambitious, but I don’t know how realistic it is to implement the plan in such a short time frame,” Ashish Marwah, director of asset management and lead investment manager at ADS Securities Asset Management, told Gulf News.
In the Gulf bond market, there was buying seen due falling benchmark yields following Federal Reserve chief Janet Yellen’s comments on rate hikes.
Yellen signalled the economy is still strengthening enough to withstand gradual increases in borrowing costs despite recent signs of slower job growth.
