Gulf issuers bat away Russian contagion

摘要

Concerns that the crisis in Ukraine would hit the wider emerging markets have been batted away by four Middle Eastern bond issues over the past fortnight. If anything, Western sanctions on Russia have led to greater liquidity in the rest of the CEEMEA region as investors look for a place away from Russia to put their money to work. The four issuers in question took advantage to extend their maturity profiles at good rates. Last Wednesday, state-owned Abu Dhabi National Energy Company (taqa) priced a US$750m 3.875% 2024 note issue that arguably repriced its curve.