Middle East Bonds
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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.
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The National Bank of Oman has mandated banks for its debut international offering and will meet investors this week.
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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.
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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.
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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.
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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.
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Kuwaiti Burgan Bank is still looking for an opportunity to print its tier one perpetual note this week Emirates NBD's $500m perpetual — a comparable deal from Wednesday — having fallen 1.5 cash points in secondary trading since it was priced.
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Hong Kong’s landmark sukuk comes with a host of potential benefits for the wider Islamic finance market, Rafe Haneef, chief executive of HSBC Amanah Malaysia in Kuala Lumpur told IFIS. The deal’s success should help encourage other regional sovereigns to consider sukuk, but also has valuable implications for the dim sum and mainland Chinese markets.
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Emirates NBD sold a $500m tier one perpetual non-call six bond on Wednesday. It was priced flat to the borrower’s existing Basel II compliant note but bankers away from the deal said that it looked to have struggled throughout the execution process.
