Middle East Bonds

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.

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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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.

Abu Dhabi Commercial Bank (ADCB) is meeting investors in London next week for what is likely to be the borrower’s second dollar benchmark in six months.

Emirates airline will be the first borrower to test appetite for UK Export Finance’s (UKEF) new sukuk guarantee structure and has picked its bookrunners.

First Gulf Bank priced its $750m bond from a book of $1.7bn on Tuesday afternoon in London, offering a 5bp-10bp new issue premium.

The Republic of Lebanon has picked three firms to run a Eurodollar benchmark, it’s first deal since it issued a four tranche bond last spring.

First Gulf Bank priced its $750m bond from a book of $1.7bn on Tuesday afternoon in London, offering a 5bp-10bp new issue premium.

First Gulf Bank (FGB), the third largest bank by assets in the UAE, is out with its first dollar bond since 2013. Leads talked the five year bond at 100bp-105bp over mid-swaps on Tuesday morning.

Turkey’s treasury department plans to issue TL1.8bn ($732.6m) of sukuk on Tuesday.

Iranian firms are still hoping for an end to crippling financial sanctions later this year and launching new business ventures in preparation. The latest is Kardan Investment Bank, which launched three new funds this week as part of an effort to modernise Iranian asset management.