Middle East Bonds

The Middle East is still churning out deals and replenishing its pipeline, but a Gabonese Republic mandate offers hope of some diversification in CEEMEA. Petrobras and Buenos Aires, meanwhile, are among the names lighting up the Latin American bond markets.

Bank of Sharjah priced its first international bond deal on Monday and bankers are adamant investors want more form the Middle East despite the recent supply glut.

Almost 80% of United Arab Emirate investors surveyed by asset manager Franklin Templeton are interested in Shariah compliant investments. But almost two-thirds are attracted by factors other than ethics, according to firm's survey.

Bank of Sharjah added a fresh name to a Middle East dominated CEEMEA market on Monday, opening books on a debut dollar deal.

Recent volatility in US and European bond markets has damaged capital flows into emerging markets. Although some analysts are expecting things to improve, the Institute of International Finance (IIF) expects capital flows into EM to hit their lowest level since the 2008 this year.

Emirates NBD has sold a trio of private MTNs, including its largest ever in the currency, as Japanese demand grows for the name.

Dubai Islamic Bank (DIB) ended up printing a larger than initially intended senior unsecured sukuk on Wednesday without compromising on spread, said bankers on the deal. Bank of Sharjah, meanwhile, is on track to continue the Middle East’s dominance of CEEMEA with a benchmark debut conventional deal.

Abu Dhabi Islamic Bank (ADIB) will ask shareholders to raise the banks’ tier one sukuk programme from $2bn to $3bn to keep track with ADIB’s expansion.

Emirates NBD has sold a trio of private medium term notes, including its largest MTN in the currency, as Japanese demand grows for the name.

Bank of Sharjah is still conversing with its lead managers after finishing a roadshow on Tuesday, leaving next week as the earliest window for its debut issue.

Dubai Islamic Bank ended up printing a larger than initially intended senior unsecured sukuk on Wednesday without compromising on spread, said bankers on the deal.

Dubai Islamic Bank has received over $1.6bn in orders for its first senior sukuk in three years, and plans to price the note on Wednesday afternoon.