Middle East Bonds
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Alistithmar Capital — a Saudi based asset manager — has hired Shariyah Review Bureau (SRB) to help it launch a series of Shariah compliant funds.
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Saudi firm Advanced Petrochemical Co sold a debut sukuk on Monday, placing a SAR1bn deal with domestic Saudi investors.
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Mumtalakat priced a debut sukuk deal on Tuesday afternoon almost flat to the sovereign curve.
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Turkey launched its first 10 year sukuk on Tuesday morning in an effort to create a proper Islamic curve. The $1bn deal was comfortably subscribed, with only marginal disagreement between debt bankers on and off the deal over the concession relative to Turkey's conventional debt.
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Bahrain’s sovereign wealth fund Mumtalakat opened books on a seven year dollar debut sukuk on Monday, and will price a benchmark transaction on Tuesday.
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The Republic of Turkey will price a 10 year dollar sukuk on Tuesday, after releasing initial price thoughts on Monday that some debt bankers felt were on the cheap side. -
Fitch has placed Jebel Ali Free Zone’s (Jafza) issuer and sukuk ratings on Rating Watch Positive (RWP), after DP World announced it plans to buy Jafza and the rest of Economic Zones World.
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Bahrain’s sovereign wealth fund Mumtalakat will price a seven year debut sukuk transaction of up to $600m on Tuesday.
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Egypt's Euroget de Invest ended a six day execution on Thursday night, printing a secured amortizing dollar deal at a higher yield and lower size that it had originally targeted. Debt bankers on the bond put the tricky execution down to a complex SPV structure, which they said pushed up the premium buyers demanded.
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Egypt's Euroget de Invest failed to price its inaugural Eurobond this week despite widening price guidance to 12%.
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Bahrain’s sovereign wealth fund Mumtalakat started a roadshow this week ahead of its first benchmark dollar sukuk. Investors are happy to see a new international sukuk issuer in the market, but are concerned that Mumtalakat's support for struggling airline Gulf Air will be a drain on resources.
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Emirates NBD printed a $1bn five year deal with a minimal new issue premium and minimum of fuss on Wednesday, enjoying smooth execution and a strong secondary performance.
