Middle East Bonds
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Boubyan Bank has launched its tier one sukuk, hitting its size target of $250m and setting final pricing well inside initial price guidance. -
Mubadala Development Company demonstrated just how much hunger exists for Abu Dhabi credit on Monday, printing its $500m 2.75% 2023s from a book of $5.1bn.
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Boubyan Bank, an Islamic bank based in Kuwait, has released initial price thoughts for a $250m perpetual non-call five tier one bond.
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Mubadala Development Company was on track to print its $500m bond tight to its existing curve as US markets opened on Monday.
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After a week of no new paper in CEEMEA, EM bankers are looking forward to a busier next week as four bonds are slated from the region and the market looks supportive enough to allow issuers to pull the trigger.
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Mubadala Development Company has set the size of its bond at $500m and meetings for the deal are so far going well, said a banker close to the deal on Thursday.
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Ezdan Holding, a Qatari property company, has mandated two banks for its debut sukuk and is embarking on investor meetings on Thursday.
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Mubadala Development Company has mandated six banks for its first dollar benchmark since 2014 — making it the first public international bond with Peter Turney, an ex-Mitsubishi and BNP Paribas DCM banker at the helm.
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Qatar National Bank has tapped the $625m Formosa bond it sold on Thursday for a further $475m on Friday, taking advantage of follow-on demand after the deal had been priced.
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Abu Dhabi printed a stellar $5bn bond this week after a seven year absence. But it may not be as easy for other Middle East sovereigns that need to print big bonds this year. Fundamentals point to an uphill slog.
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Abu Dhabi’s $5bn note, priced Monday, dazzled with size and rarity, but also set the bar for other Middle East sovereigns facing unprecedented funding needs. How that capital is raised could come to define the year in emerging market bonds, writes Francesca Young.
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The National Bank of Abu Dhabi (NBAD) is in the final stages of introducing a US commercial paper (US CP) programme, in order to extend its global platform.
