Bahrain
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Books were two times covered for three Gulf banks bonds this week -
Sub-investment grade issuance from Gulf banks is very rare
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Demand cleared $12bn for the dual sukuk and conventional deal
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The issuers are diverse and will not cannibalise demand, said one banker
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Abu Dhabi real estate firm has crunched pricing by 25bp so far
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High liquidity in Gulf means more sukuk during May and June
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Only a few issuers will be able to bring deals as investors digest recent glut of issuance amid data and holiday disruption
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Bahrain is planning its first public issue since 2021
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'Hairy' deals risk missing out as investors have tough time keeping up
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Bahrain-headquartered bank the latest emerging market issuer to enter the increasingly busy sukuk market
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Gulf corporates Ooredoo, Nogaholding and Arabian Centres sprung into the bond market this week, defying revived market volatility to raise dollar funding. The string of corporate issuance follows a similar streak from the region’s FIG issuers last week.
