Middle East Bonds
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The market has shown little reaction, but that would change if other powers got involved -
Islamic Development Bank deal sold inside the curve
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More Gulf banks, outside Saudi Arabia, are preparing subordinated bond issues this month
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The market is calm, said bankers and investors
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Nearly all subordinated issuance this year from the region has been in the AT1 sukuk format
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Books over $1.5bn at launch at a spread of 80bp over Treasuries
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Gulf issuance will take a pause due to the Eid holiday next weekend, but June could be busy
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EM investors may be happy to see some senior supply after glut of tightly priced AT1
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Strong local bids enable AT1 sukuk issuers to set yields far below where overseas buyers see fair value
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Cash-heavy Islamic buyers allow sukuk issuers to grow 'more and more aggressive', said a banker
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New issue premium estimates differed for each tranche
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The company received its first credit rating this week
