Middle East Bonds
-
With the first US rate hike in years drawing closer, it’s no surprise to see analysts and public officials singling EM out as the source of the next credit crisis. But a well-meaning warning without nuance can look a lot like scaremongering. -
Emirates Airlines is planning on landing its UK Export Finance backed sukuk on Wednesday, and has set a pricing range for the groundbreaking deal.
-
Aabar Investments, the investment arm of Abu Dhabi’s International Petroleum Investment Corp, is this evening bookbuilding a bond of €1.5bn to €2bn, exchangeable into shares of UniCredit.
-
Emirates, the airline, released initial price thoughts on Monday morning for the first sukuk ever to come with a guarantee from the UK’s Export Credit Guarantee Department.
-
Emirates, the airline, released initial price thoughts on Monday morning for the first sukuk ever to come with a guarantee from the UK’s Export Credit Guarantee Department.
-
Oman Telecommunications is the latest of the country’s firms to receive approval for a planned sukuk issue.
-
RAM Ratings has assigned a AA3 rating to Kuveyt Türk’s debut ringgit sukuk, and Zorlu Energy has added its name to the list of Turkish corporates considering Islamic bonds. But despite a burgeoning Turkish financial market, debt bankers are not holding out hope of corporate supply kicking off.
-
Bank Muscat’s shareholders have approved plans for an OR500m ($1.29bn) sukuk programme.
-
Emirates NBD issued a €550m seven year bond on Tuesday, a breakthrough for Middle East banks in the euro market. But bankers said they are uncertain whether other issuers will now follow.
-
The bookrunner league tables for international sukuk are skewed by huge lead manager line-ups and low overall volumes, so must be taken with a pinch of salt.
-
The Bank of Bahrain and Kuwait priced its five year Eurobond at the top of guidance on Wednesday after a two day execution.
-
First Gulf Bank has decided against updating its Malaysian ringgit wakala programme, due partly to the high cost of issuing sukuk, an official the bank told IFIS.
