Middle East Bonds
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National Bank of Ras Al-Khaimah (Rakbank) launched its first ever benchmark dollar bond on Tuesday, having drawn $1.5bn in orders for its $500m inaugural.
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Morocco is unlikely to issue its first ever sukuk this year and the country’s Islamic banking looks set for more delays, according to a senior parliamentary advisor. -
The UK government has come under fire from the country’s Islamic banks after including none of them on the mandate to lead manage its inaugural sukuk.
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The Middle East’s burgeoning pipeline of pre-Ramadan bonds and sukuk saw Etisalat and Emaar Malls achieve dazzling debuts this week, while Al Hilal Bank has lined up to issue what will be the UAE’s first tier one sukuk since Dubai Islamic Bank came to market last year.
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With rumours rife that two Russian borrowers are about to break the country’s silence and launch new bonds, the EM bond market is awash with Turkish borrowers looking to rush through deals while they have a clear run.
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The Middle East’s burgeoning pipeline of pre-Ramadan bonds and sukuk saw Etisalat and Emaar Malls achieve dazzling debuts this week, while Al Hilal Bank has lined up to issue what will be the UAE’s first tier one sukuk since Dubai Islamic Bank came to market last year.
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Dubai-based international ports operator DP World sold a $1bn convertible bond on Thursday in the biggest equity-linked deal from the Middle East and North Africa since 2011.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth — particularly for sukuk — but it is one that the market should pass comfortably.
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Al Hilal looks set to become the first bank in the United Arab Emirates to issue a tier one perpetual sukuk since Dubai Islamic Bank brought $1bn in March last year. This would also provide the first test of demand since Abu Dhabi Commercial Bank’s tier two last year drew attention to a shortfall in the central bank’s provisions for such instruments.
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Turk Telekomunikasyon (Turk Telekom) is on track to price a $1bn debut dual tranche bond this afternoon, having started with fair initial price thoughts, said bankers away from the deal.
