Middle East Bonds
-
-
Bank Dhofar this week offered investors the longest tenor available from Oman’s banking sector but a tier one structure and lack of clear comparables was a recipe for disagreement over fair value.
-
Fears that falling oil prices would hit Middle East bond market liquidity this year have not — as yet — been realised. The region’s investors are still cash rich and asking for paper. Bank Dhofar, Dubai Islamic Bank and Bank of Sharjah are among the names answering the call, with no sign that oil prices and macro worries have touched the region’s perennial appetite for fresh supply.
-
Bank Dhofar offered investors the longest tenor available from Oman’s banking sector this week, but a tier one structure and lack of clear comparables was a recipe for disagreement over fair value.
-
Bank of Sharjah is starting roadshow meetings for a dollar Reg S benchmark bond on May 21.
-
Bank Dhofar has released "attractive" initial price guidance of 7% yield area for the first ever Omani tier one capital bond. The perpetual deal is callable after five years, and its size is capped at $300m.
-
Industrial and Commercial Bank of China (ICBC)’s Dubai branch wrapped up a stylish debut on May 18, selling a $500m five year bond. Encouraged by its success, ICBC Singapore opened books for a three year dollar bond the very next day. -
Dubai Islamic Bank has mandated six banks for a dollar Reg S benchmark sukuk.
-
-
Dubai’s DP World was the only CEEMEA issuer to step out this week, shaking off turbulent markets on Tuesday to take a $3bn book for its $500m trade. Bankers are hoping the tight print may encourage some of the two dozen or so issuers that have mandated and are waiting.
-
DP World shook off turbulent markets on Tuesday to take a $3bn book for its $500m trade. While the borrower may have been pushed to issue to avoid blackout, pricing still came inside the borrower’s existing curve.
-
National Bank of Oman is planning a $900m increase to its euro medium term note programme and has won approval for a debut AT1 issue.
