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