Bahrain
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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.
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Arab Petroleum Investment Corp — the multilateral development bank — held investor calls on Monday for a bond offering, nine months after its previous dollar outing. Although emerging market SSA issuance has been dominated by low rated, high yielding credits since the start of the year, investment grade issuers will begin to trickle in, bankers say.
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The Kingdom of Bahrain launched a $2bn triple-tranche bond on Wednesday, the second sovereign trade from the Gulf region this year. Both trades have, somewhat unexpectedly, been done by junk-rated governments.
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Turkey and Bahrain took to primary markets to raise bond funding on Tuesday. But the appearance of two high yield credits has not driven unqualified enthusiasm for all borrowers in that asset class.
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The Kingdom of Bahrain, one of only two sub-investment grade sovereigns in the typically highly rated Gulf, tapped investors this week for its second bond of the year. The deal comes just weeks after Bahrain increased its debt ceiling, as Gulf states grapple with the impact of low oil prices and Covid-19 on their spending plans.
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The Kingdom of Bahrain, one of only two sub-investment grade sovereigns in the Gulf, is tapping markets for its second bond of the year. The mandate comes just weeks after Bahrain increased its debt ceiling as Gulf states grapple with the impact of low oil prices and Covid-19 on their spending plans.
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Struggling Gulf state Bahrain has fallen further into junk territory, with its budget deficit expected to balloon as a result of an oil price slump and the Covid-19 pandemic. But it is not all gloom, experts said, as bond markets remain wide open for high yield issuance.
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The Kingdom of Bahrain moved emerging markets’ bond recovery beyond top tier issuers on Thursday as it printed a $2bn dual tranche dollar trade that raked in $11bn of demand.
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The Kingdom of Bahrain has mandated banks to arrange a dual tranche bond transaction that is set to test the depths of Gulf Cooperation Council (GCC) recovery in EM bond markets.
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Bahraini iron pellet producer Bahrain Steel is in discussions with lenders to refinance an existing facility, according to bankers. The deal, some say, is part of a broader trend among emerging market borrowers seeking to secure more attractive conditions.
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Bahraini investment group Gulf Finance House printed its $300m five year sukuk on Tuesday from a book of more than $750m.
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Bahraini investment group Gulf Finance House is targeting a $300m five year issue for its debut international sukuk.
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Bahrain Mumtalakat, the country’s sovereign wealth fund, printed its $500m bond on Tuesday at 4.25% having tightened 62.5bp from initial guidance.
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Aluminium Bahrain (Alba) has refinanced an existing $1.5bn loan with tighter margins. The deal is one of just a few raised in Bahrain this year, which has seen the number of syndicated loan deals drop almost 50%.
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National Bank of Bahrain has made a bid to buy a majority stake in Bahrain Islamic Bank, of which it already owns 29%. The move is the latest in a seemingly endless round of consolidation between Gulf banks, driven by the effort to become more competitive in what many have called an oversaturated banking market.
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Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.
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Four Middle Eastern borrowers are set to come to market next week, as issuers and investors alike shake off the volatility caused by the attack on Saudi oil facilities last weekend.
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Albaraka Turk Participation Bank and the Islamic Development Bank have signed a $40m Islamic financing facility to support small and medium enterprises in Turkey.
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Bahrain Commercial Facilities Co, a consumer lender, has raised a $125m five year loan facility from a consortium of regional banks.
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The Bank of Bahrain and Kuwait has picked banks for a dollar benchmark, following a roadshow.
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Bahrain plans to raise debt in capital markets over the next year, and bankers believe it should get a positive response from the market as the country is expected to continue recovering from a period of economic instability.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, sold its $600m five year sukuk on Wednesday at a level that was so tight it even took the deal’s lead managers by surprise.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.