Middle East Bonds
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Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming, according to those keen to see the development of the Islamic finance market. -
Saudi high yield issuer Dar Al-Arkan nipped in ahead of its sovereign to raise a $500m sukuk, strong scarcity value drove demand and enabled the issuer to increase the size of the trade from the planned $300m.
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Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming according to those keen to see the development of the Islamic finance market.
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Saudi real estate company Dar Al-Arkan and Dubai property developer Damac look set to add much needed supply to the sukuk market and are lining up trades in the belly of the curve.
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The first ever green bond from a Gulf issuer met with what could best be described as moderate interest from the market on Monday, with even bankers on the deal admitting that the execution window was far from ideal.
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Qatari residential property developer Ezdan managed to recover its credibility as a sukuk issuer on Wednesday, printing a $500m 2022 at a reasonable spread, after what one EM syndicate banker referred to as its “shambles” of a debut in May.
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Al Ahli Bank of Kuwait (ABK) is on track to become the fifth bank from the Gulf state to access the dollar market this year, while Ezdan pulls off a coup for lower rated names in the sukuk market.
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National Bank of Abu Dhabi (NBAD) priced the Gulf’s first ever green bond 7bp inside initial price thoughts on Monday.
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National Bank of Abu Dhabi (NBAD) has emerged with pricing for the Gulf’s first green bond, more than six months after meeting investors to market the note.
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Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.
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Lebanon took orders of nearly $18bn for its largest ever bond on Monday and quality international participation was seen in a book that remained dominated by local accounts, according to bankers on the deal.
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Qatari real estate developer Ezdan Holding has picked banks to arrange its second sukuk.
