Middle East Bonds

Corporate and infrastructure sukuk issuance is set to rise in the years to come after a disappointing dip in 2014, according to Standard & Poor’s analysts. Low cost bank loans and conventional structures have eaten into sukuk sales, but supply should still rise in the years ahead, the rating agency said.

Agricultural Bank of China (ABC) Dubai Branch stuck to its rumoured pricing target of 3.5% for its debut offshore renminbi bond on Wednesday night, in spite of having appeared to rein in its ambitions by launching that morning with guidance of 3.7% area.

Books have closed for the debut offshore renminbi bond from Agricultural Bank of China (ABC) Dubai Branch, with a banker close to the deal reporting that orders had reached about Rmb1.2bn ($195m) by 3pm Hong Kong time on Wednesday. The books closed at 4:45pm.

The debut offshore renminbi bond from Agricultural Bank of China (ABC) Dubai Branch is expected to launch on Wednesday morning Dubai time after a conference call between the lead banks and the issuer, according to a banker close to the deal.

Agricultural Bank of China (ABC) Dubai Branch is set to launch its debut renminbi-denominated bond this week, two bankers close to the deal have told GlobalRMB. The deal will mark the first offshore RMB bond from the UAE operation of a Chinese bank and paves the way for Dubai to become the RMB hub for the Middle East region.

The emirate of Sharjah will be ready to launch its debut sukuk next week after starting investor meetings on Wednesday. A Middle East market awash with liquidity will welcome the deal with open arms, but the issuer is still likely to offer a concession relative to the main comparable Ras Al-Khaimah, said one investor.

Emirates NBD has announced a roadshow for a perpetual tier one bond. But the bond will not be structured with the aim of being Basel III complaint, which sparked debate among bankers on and off the deal.

Emirates NBD has announced a roadshow for a perpetual tier one bond. But the bond will not be structured with the aim of being Basel III complaint, which sparked debate among bankers on and off the deal.

The emirate of Sharjah will be ready to launch its debut sukuk next week after starting investor meetings on Wednesday. A Middle East market awash with liquidity will welcome the deal with open arms, but the issuer is still likely to offer a concession relative to the main comparable Ras Al-Khaimah, said one investor.

The Kingdom of Bahrain has mandated Citi, Gulf International Bank, Mitsubishi UFJ and Standard Chartered Bank to arrange a long dated benchmark Reg S/144A dollar bond.

Burgan Bank has scheduled investor meetings for the first ever international perpetual tier one bond from a Kuwaiti issuer. The Reg S benchmark dollar bond is being arranged by Citi, HSBC, JP Morgan and National Bank of Abu Dhabi.

The Kingdom of Bahrain has mandated Citi, Gulf International Bank, Mitsubishi UFJ and Standard Chartered Bank to arrange a long dated benchmark Reg S/144A dollar bond.