Middle East Bonds
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Orders for Saudi Arabia’s debut sukuk were over $25bn on Wednesday morning allowing the borrower to tighten pricing ever closer to its conventional curve. -
Orders for Saudi Arabia’s debut sukuk were over $17.5bn at the first official update on Tuesday afternoon.
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Two large emerging market corporates were out with multi-tranche deals on Tuesday, Kazakhstan’s state owned oil company and Abu Dhabi sovereign investment fund Mubadala.
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Issuers from the Gulf have taken over emerging markets bonds with Saudi Arabia on track to print its debut sukuk on Tuesday. Multiple tranche deals are the flavour of the week with Romania, Mubadala and KazmunayGas all offering multi-faceted deals.
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Saudi Arabia was offering up a 20bp-25bp NIP over its conventional bonds at price talk for its debut sukuk on Tuesday, as banker’s debated where the deal will land relative to it’s conventional bond debut.
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Dubai retailer Damac Real Estate was out with a five year sukuk on Monday — a deal which featured a Russian bookrunner for the first time on a Gulf deal — as Mubadala marketed a conventional dual tranche dollar bond following its merger with IPIC.
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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 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.
