Middle East Bonds

Multilateral development bank Gulf Investment Corp (GIC) has yet to open books on a dollar bond after finishing a roadshow on Monday. But the delay was not a sign of wider Middle East uncertainty, said the leads on the trade.

The Hashemite Kingdom of Jordan has released initial price thoughts of 6.75% area for a new January 2026 bond. The bond is the country's first international deal in five years not to have a US government guarantee, according to Dealogic data.

Peter Bakos has joined the debt finance group at Bank Muscat in Dubai to head its cross border business development.

National Bank of Oman has mandated five banks for a dollar perpetual additional tier one (AT1) bond and is starting the roadshow for the deal on November 5.

The Commercial Bank of Dubai has mandated six banks to arrange a Reg S dollar benchmark bond, and is starting the roadshow for the deal on Thursday.

Lebanon has priced a triple-tranche Eurobond, which includes its longest ever dollar deal.

Majid Al Futtaim (MAF) printed a 10 year sukuk flat or even inside its curve this week, Lebanon started execution on a triple-tranche Eurobond, and other Middle East issuers joined the pipeline as momentum in the market continues to build.

Lebanon was the only CEEMEA name to step into the market post US Federal Reserve meeting on Thursday. Debt bankers involved in the triple tranche trade said domestic demand would cushion the transaction against any broader bearishness.

Majid Al Futtaim (MAF) priced its latest 10 year sukuk flat or even inside its secondary curve, according to bankers on and away from the deal.

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.

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.