Standard Chartered has ousted JP Morgan as the regions top bond sales arranger. Chris Helgren/Reuters
Standard Chartered has ousted JP Morgan as the regions top bond sales arranger. Chris Helgren/Reuters
Standard Chartered has ousted JP Morgan as the regions top bond sales arranger. Chris Helgren/Reuters
Standard Chartered has ousted JP Morgan as the regions top bond sales arranger. Chris Helgren/Reuters

Standard Chartered top Mena bond sales arranger for first time in almost a decade


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For the first time since 2008, Standard Chartered is topping the list of bond sales arrangers in the Middle East and North Africa.

The Asia-focused lender climbed four places from 2017 and has already built up a substantial lead on the competition just four months into the year, according to data compiled by Bloomberg. JP Morgan, last year’s Mena league table leader, sits at No 5.

The variety of bond issues this year, including governments, companies, banks, Islamic issuers, high yield, private placements as well as sales in Taiwan and China, has suited Standard Chartered’s diverse product offering, Salman Ansari, the bank’s head of capital markets for Africa and the Middle East, said in Dubai.

Bond sales from the Mena region, which includes the two biggest Arab economies of Saudi Arabia and the UAE, have climbed 20 per cent this year to $58bn as governments sought to bridge budget deficits caused by low oil prices, and issuers attempted to beat an expected rise in interest rates. Sales climbed to a record $101bn last year, led by Saudi Arabia, which raised $21.5bn.

“Historically, we have seen issuance concentrated in one sector, while this year you have seen a broad spectrum of sectoral issuances across financial institutions, sovereigns and corporates,” Mr Ansari said at the Dubai International Financial Centre. “If you look at the number of deals, we have always been in the top quartile, but sometimes rankings do get lopsided because of one or two big deals.”

Standard Chartered has also been helped by the growing number of borrowers from the Arabian Gulf choosing to raise money through Formosa bonds in Taiwan, where Standard Chartered participated in five of seven deals, according to data compiled by Bloomberg. It was also one of the managers for a Sharjah Government issue that raised money in China through Panda bonds.

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Read more:

GCC bond sales to be bolstered by financing needs in 2018, market participants say

Sales of power plants, football clubs and more set to fuel big year for regional deals

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Mr Ansari forecast bond sales this year to be similar to the last couple of years. Sales in 2017 were up 26 per cent from the previous year’s $81bn, and almost triple the amount raised in 2015, according to data compiled by Bloomberg.

“In the last few years, the Mena region has really raised its profile in the global debt investor community,” Mr Ansari said. There is a sustainable investor base for Mena credit from Asia, Europe and the US, and “while markets have been slightly more challenging this year, investor appeal has continued to remain solid given the strength of the underlying” regional credits, he said.

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

Day 5, Abu Dhabi Test: At a glance

Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.

Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.

The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.

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Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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