Middle East Bonds
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From Tokyo to Toronto to Tel Aviv, new buyers across the globe are piling into the senior tranches of US CLOs — and more experienced triple-A investors aren’t happy about it. -
Lebanon sold its largest ever new money issue on Monday, printing an $800m 10 year and $1.4bn 15 year from combined books of $4.9bn.
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Rakbank tapped its 2019s for $300m on Monday in a move to top up its funding while increasing liquidity in the bond.
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Lebanon sold its largest ever new issue on Monday, printing an $800m 10 year and $1.4bn 15 year from combined books of $4.9bn.
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Islamic Development Bank (IDB) has picked bookrunners for a benchmark Reg S sukuk and starts investor meetings in March.
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Qatar Islamic Bank’s (QIB) shareholders approved up to Qr5bn ($1.37bn) of tier one sukuk during an extraordinary general meeting on Monday, according to a QIB statement.
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The National Bank of Ras Al-Khaimah PSC (Rakbank) upped the size of its 2019s on Monday to $800m after a $300m tap.
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Lebanon had combined orders of $1.5bn for its 10 and 15 year offering at the last update. Bankers expect the 10 year to be priced inside the borrower’s curve.
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Emirates, the airline, is weeks away from a ground breaking benchmark sukuk guaranteed by UK Export Finance (UKEF). Banks are mandated and more issuers could follow.
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Bahraini investment group Gulf Finance House (GFH) has signed a memorandum of understanding with Kuwaiti firm Gulf Holding Company (GHC) and Saudi lender Al-Rajhi Bank to provide funding that will allow GHC to complete its Villamar project. The agreement also provides for restructuring an existing sukuk facility, according to GFH.
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