Middle East Bonds
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Israel Electric Company on Wednesday printed its $1.25bn 10 year bond at the tight end of price guidance and flat to the company’s existing curve. The book for the note was $3bn.
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Mubadala GE Capital has released initial price guidance for its $500m no grow five year bond of 150bp-162.5bp over mid-swaps.
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Israel Electric has released initial price thoughts at 275bp area over mid-swaps for a 10 year dollar benchmark. The guidance equates to around a 15bp premium over the company’s 2023s, which were trading around 260bp-261bp over mid-swaps.
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The Bank of England's unveiling of plans to look into providing Shariah liquidity facilities for UK Islamic banks was one of the highlights at last week’s World Islamic Economic Forum in Dubai. It’s a great idea, but there’s just one problem – this should have been done ages ago.
