Middle East Bonds

Luxembourg’s debut in the sukuk market last week was a great advert for the asset class and rounded off a run of ground-breaking deals from new borrowers. But despite bankers reporting interest from other European sovereigns in the aftermath – and suggestions the Grand Duchy itself will return next year – it is unlikely that its western neighbours will follow soon.

Any lull in the international sukuk market after September’s record monthly issuance is set to be brief, say bankers, with the Republic of Turkey looking likely to be at the front of the next flurry of deals.

National Bank of Abu Dhabi will underscore its commitment to its wholesale banking business by splitting the UK part of its operations from its private banking arm and moving as many as 100 staff to Canary Wharf.

The National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, but Oman’s bond is one of few which has performed well in secondary.

National Bank of Oman launched its debut bond on Tuesday morning in less than ideal market conditions but the $500m deal was one of the few EM offerings which performed well in secondary this week.

The National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, which opened books in a risk averse market.

The National Bank of Oman has announced initial price thoughts for a dollar offering as the market recovers from a shaky start. Escalating geopolitical tensions in the region have contributed to a more risk averse sentiment and have meant that the market opened around 5bp wider this morning.

Shareholders in Dubai mortgage lender Amlak Finance approved on Sunday the firm’s plans to issue convertible Islamic securities as part of debt restructuring talks that began in January 2013. But the company could still do with a supportive partnership with a local Islamic bank, said one analyst.

Kuwait's Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) trigger premium is up for debate, bankers say that Middle Eastern banks will only have to pay up marginally to issue Basel III debt.

The National Bank of Oman has mandated banks for its debut international bond and is meeting investors this week.

Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) premium is up for debate, bankers away from the deal said that the deal looked to have been priced fairly.

Kuwait's Burgan Bank has announced final guidance for its debut additional tier one (AT1) bond. Bankers on the deal say it will be priced later this afternoon.