Middle East Bonds

Al Hilal’s additional tier one perpetual sukuk drew big demand on Tuesday and set a template for further deals of its kind. Not everyone was convinced that the aggressive price compensated for what was essentially equity risk, but while the doubters may rue missing out this time, investors should carefully heed the warnings they have raised.

United Arab Emirates bank Al Hilal reopened the region’s dollar tier one market this week with an aggressively priced debut $500m perpetual sukuk — the first of its kind in the market for over a year, and at one of the tightest ever yields.

The National Bank of Abu Dhabi has hired Gary Dugan as global private bank chief investment officer and head of investment strategy.

United Arab Emirates bank Al Hilal’s tier one perpetual sukuk has rallied in secondary trading despite having set a price on Tuesday that was one of the tightest ever for a deal of its kind and too aggressive for some investors.

Sberbank has signalled a reopening if not a renaissance for the Russian Eurobond market with a €1bn debut deal. Gazprombank is next in line and VTB has its eyes on a September sale. The restart in Russian issuance comes as inaugural and long-lost issuers from across CEEMEA move to take advantage of a superb market backdrop.

Saudi Arabian fashion retailer AlHokair has printed SR500m ($133.3m) in its debut sukuk issue, building on the kingdom’s busiest six period month period ever.

United Arab Emirates bank Al Hilal’s tier one perpetual sukuk has rallied in secondary trading despite having set a price on Tuesday that was one of the tightest ever for a deal of its kind and too aggressive for some investors.

Albaraka Turk’s $350m sukuk held its own in early trading on Tuesday at par to one eighth over, despite needing two days to get $750m orders together for the deal.

Al Hilal’s additional tier one perpetual sukuk drew big demand on Tuesday and set a template for further deals of its kind. Not everyone was convinced that the aggressive price compensated for what was essentially equity risk, but while the doubters may rue missing out this time, investors should carefully heed the warnings they have raised.

Turkish participation bank Albaraka Turk has drawn $750m of orders after revising official guidance to 6.25% area on its five year sukuk, with books going subject at 12pm and pricing expected to follow on Tuesday.

United Arab Emirates bank Al Hilal has launched a $500m additional tier one perpetual sukuk at a yield of 5.5%, after twice tightening guidance from Monday’s 6% area initial price thoughts.

United Arab Emirates bank Al Hilal drew over $5bn of orders on Tuesday as it priced a $500m additional tier one perpetual sukuk at a yield of 5.5%, after twice tightening guidance from Monday’s 6% area initial price thoughts.