Middle East Bonds

Egypt's Euroget de Invest failed to price its inaugural Eurobond on Wednesday despite widening price guidance to 12%.

Israel Chemicals has picked banks for its first ever bond deal, and starts investor meetings on Thursday to support the long-dated dollar benchmark.

Hopes for a big end to the year in dollar sukuk issuance have been triple-boosted this week, with Pakistan reviving its plans to come to market while Flydubai and Mumtalakat are set to begin roadshows on Thursday. A grand finale has been made possible – but it will need fast work.

The outcome of make-or-break talks that resumed this week between western powers and Iran over its nuclear programme is far from certain, with a self-imposed deadline for resolution approaching on November 24. But that hasn't dampened Iran’s optimism about returning to international capital markets, with the country’s Islamic finance industry positioning to take advantage of a surge in foreign investment should there be a positive move on sanctions.

Emirates NBD has set initial price thoughts for its dollar benchmark five year bond at 165bp over mid-swaps. The bond is expected to be priced on Thursday.

Dubai government owned airline Flydubai has set roadshow dates for its first benchmark dollar sukuk. The borrower will be ready to launch its deal next week, as the sukuk market draws closer to a record year for dollar issuance.

Dubai government owned airline Flydubai has set roadshow dates for its first benchmark dollar sukuk. The borrower will be ready to launch its deal next week, as the sukuk market draws closer to a record year for dollar issuance.

Bahrain’s sovereign wealth fund, Mumtalakat starts 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.

Mubadala GE Capital priced its $500m five year bond on Wednesday from a book of $1.3bn, having won large demand from accounts in North America looking for exposure to GE.

Israel Electric Company on Wednesday printed a $1.25bn 10 year bond at the tight end of price guidance and flat to the company’s existing curve. The book was $3bn.

DIFC Investments built an order book of over $3bn for a $700m 10 year sukuk that it priced on Tuesday. The deal pulled other Dubai sukuk tighter in its wake, and enjoyed a strong response from Asian and SSA accounts.

Mubadala GE Capital priced its $500m five year bond on Wednesday from a book of $1.3bn, having won large demand from accounts in North America looking for exposure to GE.