Middle East Bonds
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Mitsubishi UFJ Financial Group’s banking arm, the Bank of Tokyo-Mitsubishi UFJ (BTMU) has launched a new Islamic Finance business to be run from its Dubai branch. -
Majid Al Futtaim (MAF) on Tuesday opened books on only the second Middle East corporate sukuk of the year, as Islamic bond issuance starts to lag behind the 2014 run rate.
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The newly reopened Middle East bond market has tougher tests of demand ahead, with a trio of mandates hitting screens on Monday morning and two others rumoured.
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The Republic of Lebanon has launched its annual dollar Eurobond and accompanying exchange offer, aiming to switch holders of a 2016 note into new 2024 or 2028 notes.
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Qatar Islamic Bank (QIB) has given an indication of the new issue premiums Middle East names now have to pay. But estimates from bankers away from the deal on the QIB concession were twice as high as from those on the deal.
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Arab Petroleum Investments Corp (Apicorp) placed 80% of its debut dollar sukuk with Middle East accounts, which combined with a decent secondary market performance shows there is still life in the local bid, said bankers on the deal.
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Qatar Islamic Bank (QIB) launched the second Middle East benchmark in as many days on Tuesday, as that market shows signs of a healthy restart.
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Arab Petroleum Investments Corp (Apicorp) is aiming to price the first dollar benchmark out of the Middle East in over a month, amid rising fears about the affect the low oil price is having on liquidity in the region's bond market.
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Citi has revamped its Middle East and Africa debt capital markets coverage, which it hopes will bring "increased focus and efficiency" to its business.
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Emirates NBD has turned up in size in the private medium term note market, printing a pair of clips, one of which was its largest MTN in more than five years.
