Markets will be alert to some of the most unusual debt deals of the year during the next few days - made all the more peculiar because they fall during the final week of Ramadan.
The National Bank of Abu Dhabi surprised many market watchers on Monday with a US$750m (Dh2.7bn) bond sale in the middle of the Holy Month, typically a period when deals are postponed as bankers in the Middle East jet off on their holidays.
But if some local investors were absent, the Asians were not, taking up to a third of the offer, according to the banks involved in the bonds.
The same buyers are expected to return this week.
The most closely-watched debt deal will be Qatar Petroleum, which is planning to launch an ¥85bn bond to raise funds from Japanese investors next week.
Expanding rapidly, the Qatari energy company is planning to build two major petrochemicals plants in the next 10 years, at a cost of $11.9bn.
The so-called "samurai bond" will be the second launched in the Arabian Gulf.
Japan's ten-year government bond pays just 0.8 per cent interest, and business savvy investors are searching for higher yields and turning their attention to GCC markets.
The demand for highly rated Gulf bonds will increase among Asian investors, said Mohieddine Kronfol, the chief investment officer for regional fixed income and sukuk at Franklin Templeton Investments in Dubai.
"Investment flows between Asia and the GCC continue to develop and grow, in line with trade flows," he said. "In fact, demand for GCC credit is growing not just in Asia but Europe and the United States as well, a trend we believe will persist as regional debt markets continue to grow and mature."
Even more sophisticated transactions are in the pipeline.
On Thursday, Moody's Investors Service issued provisional credit ratings for seven notes, between two and 12 years, by Emirates NBD, which carry a face value of $995m (Dh3.6bn). The notes will repackage and resell parts of the bank's existing loan book.
Compared with the excitement on debt markets, equities may experience a rather more sleepy week.
Local bourses are expected to drift towards the Eid holiday on the momentum generated by the release of earnings by banks and property companies during the past few weeks, investors said.
"Since the big-name blue-chips have reported, the main driver is likely to be pre-Eid holidays positioning," said Sherif Salem, a portfolio manager at Invest AD in Abu Dhabi. "That being said, global market developments could always dictate sentiment."
The Eid Al Fitr holiday this year will take place from Friday.
"As you near the end of the week you may see investors taking money off the table just because the markets will be on an extended holiday," Mr Salem added.
Global sentiment has been more relaxed than usual after pledges by Mario Draghi, the president of the European Central Bank, to support the euro but that could change as growth in developed economies comes under pressure, analysts from Capital Economics wrote in a research note.
"Mario Draghi's pledge a fortnight or so ago to do 'whatever it takes' to save the euro has propelled the prices of many risky assets higher. We do not expect the recent bout of optimism to last long," the note said.
The Saudi Tadawul All-Share Index closed 0.48 per cent higher at 6,987.06 in trading yesterday.
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