Middle East Bonds

Bahrain’s sovereign wealth fund Mumtalakat priced a seven year debut sukuk on Tuesday, which debt bankers said came flat to or even inside the sovereign curve. They put this down to credit quality, scarcity value and exceptional liquidity in the Middle East. But they felt that the additional rarity of the sukuk format was also a contributing factor, which other potential issuers should do well to note.

Dubai government owned airline Flydubai opened books on a five year dollar sukuk on Tuesday morning. The initial price thoughts represented a fair starting point with room to tighten, said bankers away from the deal.

Mumtalakat will launch a debut sukuk deal on Tuesday afternoon. Debt bankers away from the deal felt that the final guidance range offered fair value, but were surprised that the issuer was not printing a larger deal.

Alistithmar Capital — a Saudi based asset manager — has hired Shariyah Review Bureau (SRB) to help it launch a series of Shariah compliant funds.

Saudi firm Advanced Petrochemical Co sold a debut sukuk on Monday, placing a SAR1bn deal with domestic Saudi investors.

Mumtalakat priced a debut sukuk deal on Tuesday afternoon almost flat to the sovereign curve.

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.

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.

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.

Bahrain’s sovereign wealth fund Mumtalakat will price a seven year debut sukuk transaction of up to $600m on Tuesday.

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.