Middle East Bonds

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.

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.

Albaraka Turk has priced $350m of five year sukuk at 6.25%, after drawing around $750m of orders. The Turkish participation bank previously indicated the deal would be benchmark size – typically $500m for international bonds, although sukuk arrangers sometimes use the term to describe smaller offerings.

United Arab Emirates bank Al Hilal has given initial price thoughts of 6% area on a benchmark tier one perpetual sukuk — the first Islamic deal of its kind since Dubai Islamic Bank brought $1bn in March last year.

Turkish participation bank Albaraka Turk (rated BB by Standard & Poor’s) has given initial price thoughts of low 6% area on a five year benchmark dollar sukuk.

United Arab Emirates bank Al Hilal has given initial price thoughts of 6% area on a benchmark tier one perpetual sukuk — the first Islamic deal of its kind since Dubai Islamic Bank brought $1bn in March last year.