The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Debt capital markets: Barcap misses out on sterling debut deals

Sterling market opened in the Middle East and CIS.

A window has opened in the sterling bond market for borrowers in the EEMEA region. At the end of 2006 two sterling bond deals were issued, one from the Middle East, the other from the CIS. Both were firsts, but Barclays Capital, the leading underwriter of sterling bonds, was nowhere to be seen on either occasion.

In December, Kazakhstan’s Bank TuranAlem issued a £200 million ($394 million) three-year deal. The bonds carried a coupon of 7.18% and were priced at 214 basis points over gilts.

The BTA deal followed hot on the heels of a £500 million five-year transaction from Abu Dhabi Commercial Bank in November. ADCB’s deal was priced at 70bp over the 4.25% March 2011 gilt. Demand for the paper was high, with more than £740 million of orders.

Barclays Capital, which is number one in the league table for international sterling bond issues, was absent from both deals. Royal Bank of Scotland and Bank of America were lead managers on the ADCB transaction, and Deutsche Bank was sole underwriter on the BTA deal.

“As a market leader in sterling we were very surprised by these choices as they are not natural sterling houses.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree