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◆ Hyperscaler sets new standard for European corporate bond market

◆ What it will it take to get a bank to issue in euros again

◆ Iran war could reshape ultra-competitive Gulf capital markets

For bond issuers to keep away from the primary bond market after a shock, like the outbreak of the war with Iran, is not unusual. But it is when only one group is steering clear when every other is issuing.

For understandable reasons, there have been no bonds from the Middle East since the US and Israel began their attacks, of course. But there has been issuance from elsewhere in emerging markets. That only leaves banks issuing in euros as yet to register a deal in that time.

It's even more curious when they are issuing in dollars and printing covered bonds. We examine why they are holding back and discuss how they might return.

There was still plenty for investors to buy in Europe's credit markets, however. Not least was Amazon's multi-tranche blockbuster, its debut in euros. We uncover what the deal meant for investment grade corporate issuance in Europe.

Finally, we discussed the changing investment banking landscape in the Gulf and how the war raises fresh questions about how sustainable the ledning and bond business is in the region.

Click here to find out more about our GC Live event on corporate hybrid capital, taking palce in London on March 24.

Now read on...

Market debates FIG funding future in euros as primary drought extends

Amazon's €14.5bn money magnet redefines what is possible in credit

Iran war brings Gulf capital markets' competitiveness into question

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◆ How banks and bankers are operating in the region under threat of military escaltion

◆ Bond issuance to resume — but how?

◆ Dwindling fee pool poses questions over long-term future for banks

The Middle East bond market as been one of growing volumes for the last decade and banks both local and international have been pouring resources into the region to grab a slice of the action. But the outbreak of the Iran war last week has temporarily shuttered issuance.

We reveal what bond bankers in the financial centres of Dubai and beyond are saying about their market and how they are operating amid the conflict.

We also talk about which issuers could reopen the primary market in the Gulf, when they might be able to do it and what they will have to pay to do so.

But we also take a longer term view. The Middle East bond market may be busy but it is also one of seemingly diminishing fees. We ask how long banks and their staff can commit to such an enterprise, especially when the security risk of dong so appears to have ramped up.

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◆ UAE issuers leave emerging markets lable behind

◆ What Blue Owl can teach about private credit for the masses

◆ A bump in the road for UK bridging lenders on the way to securitization

Abu Dhabi was in the bond market this week just two days after JP Morgan confirmed that issuers from the UAE would be removed from its benchmark Emerging Markets Bond Indices (EMBI) by the end of March. We look into what EMBI exclusion means for Abu Dhabi and other UAE credits.

We also discussed the recent situation at Blue Owl, which met with a wall of redemption requests from investors worried about the imapct of AI on the software companies that its private credit funds lend to. We discover what lessons private credit and investors can learn about investing in illiquid assets.

Finally, we discuss the future of UK bridging loan companies. It is a market awash with small lenders, two of which recently went into administration. But it had also been an asset class that had appeared to be making inroads into securitization. We look at the best way forward for the industry in light of those developments.