Middle East Bonds
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Record issuance volumes met insatiable investor appetite to lock in yields before rate cuts bite, resulting in tight pricing across bonds and sukuk, writes George Collard. An already healthy market shifted up a gear from September as order books swelled and issuance accelerated, especially of sukuk -
Sovereign gets bigger size and longer tenor in dirham despite closing market
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Volumes led by Gulf issuers, but two more printed this week from elsewhere
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Market is particularly interesting for banks doing capital trades
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Company has offered the highest yields on Saudi Arabian new issues in the last few years
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Books were more than three times the deal's $1bn size, although orders did leave
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Gulf subordinated issuance far outstrips last year's volume
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The emirate paid no new issue premium for its latest sukuk, bankers said
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The emirate has been busy in other markets this year
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The lender has landed inside a recent QNB trade in euros
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The Islamic bank is offering a premium to Kuwait's largest bank
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NBO's AT1 will easily be the biggest from Oman
