Middle East Bonds
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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.
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Bank of Sharjah is starting roadshow meetings for a dollar Reg S benchmark bond on May 21.
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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.
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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.
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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.
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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.
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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.
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Bank Dhofar is roadshowing its tier one perpetual, having formally mandated National Bank of Abu Dhabi and Standard Chartered Bank as joint global co-ordinators for the dollar Reg S bond.
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DP World’s $500m no-grow five year bond is already seven times subscribed. Price guidance has been tightened to 160bp over mid-swaps, plus or minus 5bp.
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DP World, the Dubai-based global container ports operator, has released price guidance for a dollar benchmark five year bond at 180bp over mid-swaps.
