Middle East Bonds

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.

The National Bank of Oman has mandated banks for its debut international offering and will meet investors this week.

Burgan Bank has finally announced initial price thoughts for its debut Basel III compliant additional tier one (AT1) deal a full two weeks after meeting investors. Bankers away from the trade say it is likely that the Kuwaiti bank was put off coming sooner by Emirates NBD’s deal's poor performance in secondary markets.

The Islamic Development Bank (IsDB) pierced its secondary curve on Thursday with a $1.5bn five year deal. IsDB is an established sukuk seller unique in its combination of regular benchmark issuance, triple-A ratings and Islamic operations. But the bank is still enjoying an impressive progression of tightening primary spreads that has now erased any hint of new issue concession.

A fresh wave of sukuk this week made September the biggest month ever for international sales of the product. But debut deals from Goldman Sachs and the Republic of South Africa have implications that go far beyond issuance records. These landmark transactions have paved the way for Western firms and African issuers to add their names to the expanding market.

The National Bank of Abu Dhabi (NBAD) has hired Susan Yuen as its CEO in Asia. Yuen will oversee the bank’s current presence in Hong Kong, Malaysia and Shanghai and consider future expansion plans to Singapore.