Middle East Bonds
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well-supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount”, others said the deal came flat to its conventional curve. -
Strong support from regional investors helped Bahrain’s Al Baraka Banking Group achieve substantial price tightening for the first ever bond issue from a non-investment grade Gulf bank on Tuesday.
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount,” others said the deal came flat to its conventional curve.
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Emerging Market Bond House of the Year
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A $2bn tap from Oman on Tuesday has pushed the CEEMEA bond market into record territory. Bond issuance stands at $100.2bn, surpassing 2013's record of $99.7bn over the same period.
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Oman’s debut sukuk was storming to success by lunchtime on Monday with books for the seven year note hitting $5.2bn.
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Kuwait’s national champion National Bank of Kuwait is book building for a rare five year senior bond following the sovereign's successful $8bn debut in March.
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Oman could launch its first public market sukuk as early as next week following the announcement of plans for an investor call to be held on Monday.
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Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.
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Oman Electricity Transmission Company seems to have timed it right for a $500m 10 year trade just days before a likely sovereign downgrade, with the issuer managing to price its deal well inside where analysts spotted fair value.
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Oman Electricity Transmission Company timed it right for a $500m 10 year trade on Tuesday just days before a likely sovereign downgrade, with the issuer managing to price its deal well inside where analysts spotted fair value.
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