Citi
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The international sukuk drought is over — and how. Dubai Investments Park and the Export Import Bank of Malaysia secured tightly priced debuts this week amid a deluge of demand that spoke volumes about investors’ need for more Islamic issuance and a greater diversity of borrowers. -
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An unwelcome spotlight on the Austrian banking sector didn’t stop Raiffeisen Bank International from shaving 20bp off the initial pricing thoughts for its €500m 11 year non-call six tier two deal on Thursday.
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Dubai Investments Park achieved an order book of over $4bn as it priced its $300m debut five year sukuk well inside guidance at 265bp over mid-swaps on Thursday. The deal was boosted by being the first Middle East Islamic bond of the year but also came amid a resurgence of sentiment around Dubai credits.
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Tanzania Electric Supply Company (Tanesco) has signed a $250m syndicated facility in a deal that bankers claim is the largest deal ever syndicated solely among east African banks.
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Triple-B rated Australian corporate borrowers will get longer tenors and better yields in 2014 if they focus on issuing Australian dollar medium-term note issues, say experts.
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Dubai Investments Park has given initial price thoughts of low 300bp over mid-swaps on its $300m five year debut sukuk, but investors are expecting much tighter pricing, with the note already trading up in the grey market around half a point.
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Real money accounts proved their increasing dedication to the additional tier one market, buying almost half of BBVA’s €1.5bn perpetual non-call five year deal on Tuesday. With many market participants fretting about idiosyncratic structures and a lack of pricing transparency in AT1 deals, BBVA’s trade has provided a useful benchmark for the euro market, said bankers.
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FIG investors showed their appetite for riskier paper has not been dimmed in the slightest by recent market volatility, piling into BBVA’s second additional tier one outing — and its first to be denominated in euros — to push the books to €11bn.
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Reports on Tuesday that Tanzania has postponed its debut Eurobond until the next fiscal year because of a delay in getting a risk assessment from Citi have been denied by bankers in London both at Citi and away from the bank.
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Real estate developer Dubai Investments Park will start a roadshow on Sunday for its debut issue as it aims to bring the first dollar sukuk from the Middle East of 2014, despite two weeks of volatile markets. The firm is planning a $300m five year sukuk.
