Middle East Bonds
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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. -
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.
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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.
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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.
