Middle East Bonds

Emirates Islamic Bank (EI Bank) slipped into the market on Tuesday ahead of plenty of expected supply to raise $250m with a tap of its dollar sukuk due 2021.

Kuwait's Burgan Bank will re-engage with investors this week after first setting up an EMTN programme for a senior dollar bond in July.

Abundant oil reserves transform a country’s economy. The results are not always positive — some sovereigns suffer from the “Dutch Disease”, which inhibits exports of non-oil goods through an appreciation in the real exchange rate. But overall natural resources, in particular oil and gas, prove to be a boon for the lucky country’s finances.

Citi will not work on Sharjah Islamic Bank’s upcoming bond deal after initially being named on the mandate. The bank could not reach an agreement with the issuer regarding its role on the deal, according to two sources.

Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank.

National Bank of Abu Dhabi (NBAD) is preparing to issue the first green bond from the Middle East, marking an important step in the development of sustainable bond issuance from the region, even if follow up issuance will be slow to materialise, writes Virginia Furness.

Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to a Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

National Bank of Abu Dhabi (NBAD) is set to hit the road for the Middle East’s first ever green bond, planting a flag in the sand for sustainable bond issuance from the region.

Sharjah Islamic Bank has mandated three international banks, as well as several local banks, to arrange a senior dollar sukuk transaction.

Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.

Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to the Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

HSBC has let go of a DCM banker who had spent over a decade with the bank, according to market sources.