Middle East Bonds
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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.
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Bank Muscat’s shareholders have approved plans for an OR500m ($1.29bn) sukuk programme.
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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.
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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.
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The Bank of Bahrain and Kuwait priced its five year Eurobond at the top of guidance on Wednesday after a two day execution.
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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.
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Emirates NBD printed 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.
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The Bank of Bahrain and Kuwait (BBK) has taken over $800m of orders for its five year Eurobond. The deal is due to price later on Tuesday.
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United Arab Emirate Ras Al Khaimah has set roadshow dates for its second ever international sukuk deal.
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The bookrunner league tables for international sukuk are skewed by huge lead manager line ups and low overall volumes and need to be taken with a pinch of salt.
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The bookrunner league tables for international sukuk are skewed by huge lead manager line ups and low overall volumes and need to be taken with a pinch of salt.
