Middle East Bonds
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Saudi Arabia has released a request for proposals for its much anticipated international bond. GlobalCapital has details. -
The Gulf region is on for a record first five months of the year for bond issuance with Qatar, Noor Bank, Etihad and DP World all mandating this week.
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DP World, one of the world’s largest port operators, has mandated nine banks for a dollar sukuk and is looking to price the deal next week.
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Qatar has mandated banks for a dollar senior unsecured bond, which bankers away from the note are expecting to be as large as $5bn in total.
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Investor appetite for UAE corporate debt was unfulfilled when Mubadala printed $500m from a $5.1bn book last week but with Etihad Airways lining up a dollar trade, investors may have a second chance to buy.
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Noor Bank has mandated banks for its debut Basel III bond and will be looking to soak up excess demand for additional tier one (AT1) debt after Boubyan Bank’s note was over five times subscribed last week.
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Strong investor support propelled three GCC trades this week and with oil edging towards $50 a barrel and local liquidity improving, bankers say there is no reason why record year-to-date volumes can’t be reached by the end of this month.
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Ezdan Holding, a Qatari property company, has printed the third bond from the Middle East this week, a $500m five year sukuk.
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Boubyan Bank has printed its $250m perpetual Basel III compliant tier one issue only around 100bp wide of its majority owner, National Bank of Kuwait, with books at pricing in excess of $1.3bn.
