Middle East Bonds

Emirates Airlines has named leads for its first unsecured bond since 2013, adding the region’s first international non-financial corporate sukuk this year to what has so far been limited supply from the asset class.

Union National Bank has tightened price guidance on its benchmark dollar five year bond.

The Government of the Emirate of Sharjah has launched a $1bn 10 year sukuk — the top end of the size and maturity range outlined for the deal.

Al Ahli Bank of Kuwait is beginning a roadshow to market a dollar Reg S-only perpetual non-call five year additional tier one bond.

Arab Petroleum Investments Corporation (Apicorp) became the second issuer from the Gulf to tap the offshore renminbi market last week, marking a new development in the tool kit with which Middle Eastern borrowers are looking to harness Asian demand, according to a banker with knowledge of the deal.

Arab Petroleum Investments Corporation (Apicorp) became the second issuer from the Gulf to tap the offshore renminbi market this week, making this year already the biggest on record for Gulf renminbi bonds.

The Commercial Bank of Qatar sold three year Swiss franc bonds on Tuesday, to serve as the best illustration yet of the rekindling of the relationship between Swiss buyers and Middle Eastern financial credits that could bloom into a record year for issuance, writes Silas Brown.

The Government of the Emirate of Sharjah has mandated five banks for a benchmark dollar sukuk — its first note in that market for over two years, though it did sell a Panda bond as recently as last month.

Qatar National Bank and Bank of China kept the momentum going in the offshore renminbi bond market this week, with the latter’s Rmb4bn ($632m) deal the largest in nearly three years. Their success is an encouraging sign about appetite for the currency.

Lebanese lender Fransabank is making its debut green bond offering with a trade anchored and supported by the International Financing Corp. The deal marks the second such bond from the MENA region, and a third is on the way as international financing institutions (IFIs) and local banks look to the capital markets to fund the region’s energy needs.

Bank Muscat, Oman’s largest bank by assets and capital, has named leads for a five year dollar note.

Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.