mena fixed income insight – 2q 2015 · 2015. 12. 1. · q2 2015 mena fied income insight 4...
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Quarter Highlights MENA Fixed Income 2Q15
• Global sukuk issuances on the rise
• Investors worried about a crash in the bonds prices
• Qatar growth to remain strong at over next 2 years
• Saudi Debt Markets Could Open to Foreign Investors
• Jordan’s first sovereign issue of sukuk coming up soon
• UAE to witness the strongest growth in private wealth in the GCC
Contents
MENA Fixed Income Analytics ............... 2
Fixed Income Quarter Breakdowns ....... 3
Q2
MENA FIXED INCOME INSIGHT – 2Q 2015
mena.thomsonreuters.com
Q2 2015 MENA FIXED INCOME INSIGHT
2
MENA Fixed Income Analytics
MENA Fixed Income Trend by Value and Volume
Q2 2014 Q3 2014
Sukuk Size ($M) Bond size ($M) Total Fixed Income Issues
Q4 2014 Q1 2015 Q2 2015
27,223 15,282 11,975 22,600 20,825
8,749
3,770
2,962
5,7874,439
75
90
64
103
85
Q2 2015 MENA FIXED INCOME INSIGHT
3
Fixed Income Quarter Breakdowns
By country
By Exchange Listing
By Sector
Sukuk Total Size of Issues ($M)
Egypt
UAE
Jordan
Kuwait
Saudi Arabia
Bahrain
Morocco
Oman
Qatar
Tunisia Bonds Total Size of Issues ($M)
9,698
2,849 1,250
2,382
2,189
2,107
930 553
1,320
1,305
550
151
Others
SIX
Luxembourg SE
London SE
Amman SE
NASDAQ Dubai
Irish SE
Egypt SE
Fixed Income Total Size of Issues ($M)
181
206
393
882
2,600
5,150
8,198
750
Government Institutions
Financial Services
Industrial Manufacturing
Power and Utilities
Transport
Construction
Real Estate
Food and Beverages
Sukuk Total Size of Issues ($M)
Bond Total Size of Issues ($M)
13,820 533
4,194 3,533
1,000
500
373
280
31
1,000
Q2 2015 MENA FIXED INCOME INSIGHT
4
Breakdown of Sukuk by Structure
Wakala Al-Istithmar
Total Size of Offerings $ (M) Number of Issues
Modarabah Modarabah-Murabaha
Al Salaam Murabaha Lijarah
1,250 1,067 816 342 191267126 507 46
2
1
2 2
3
1
3
By Market Type By Issuer Type
Financial ServicesIndustrial Manufacturing
10,779
Real EstateLeisure and TourismConstructionAgricultureHealth CareServices
Domestic ($M)Internationl ($M)
14,485
SovereignCorporateQuasi Sovereign
Financial ServicesIndustrial ManufacturingReal EstateLeisure and TourismConstructionAgricultureHealth CareServices
14,820
5,994
10
MENA Bond Maturity Pipeline
13,399
17,719
9,602
15,018
Size ($M)
3Q15 4Q15 1Q16 2Q16
Q2 2015 MENA FIXED INCOME INSIGHT
5
MENA Fixed Income Pipeline
MENA Fixed Income Top Lead Managers in 2Q15 by Size ($M)
MENA Fixed Income Top Lead Managers in 2Q15 by Number of Issues
Issuer Country Currency Size ($M) Type
Lebanon Eurobond Lebanon USD 1,300 Sovereign
CBD Perpetual Bond UAE USD 750 Corporate
Almarai Senior Sukuk Saudi Arabia SAR 533 Corporate
Arab National Bank Sukuk Saudi Arabia SAR 533 Corporate
Bahrain Treasury Bills 27 Bahrain BHD 530 Sovereign
Size ($M) Number of Issues
Citigroup Global Markets Limited 5,450 7
JP Morgan 4,633 6
Morgan Stanley 4,000 5
HSBC Bank 3,225 7
Emirates NBD PJSC 2,163 6
Size ($M) Number of Issues
Citigroup Global Markets Limited 5,450 7
HSBC Bank 3,225 7
JP Morgan 4,633 6
Emirates NBD PJSC 2,163 6
Morgan Stanley 4,000 5
Top MENA International Fixed Income Transactions in 2Q15 ($M)Issuer Country Issue Date Issue Size Coupon Rate Tenor (Tears)
Egypt Eurobond 2025 Egypt Jun-15 1,500 5.870% 10
Jordan Eurobond 2022 Jordan Jun-15 1,000 2.578% 7
OCP Bond 2025 Morocco Apr-15 1,000 4.500% 10.5
Lamar Funding Bond 2025 Oman May-15 1,000 3.958% 10
DIB Sukuk 2017(Tranche 2) UAE May-15 750 2.921% 5
For further information, contact bonds.zawya@thomsonreuters.com
Important NotesBonds Data covers all conventional bonds with tenors of 1 year and above.Sukuk Data covers all Islamic bonds.MENA includes Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Syria, Tunisia and UAE.Data is correct as of Q2 2015.Prepared by Georges Daoud (georges.daoud@thomsonreuters.com).
© 2015 Thomson Reuters. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters and its affiliated companies. S025637 0915.
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