Middle East Bonds
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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. -
UAE dock operator DP World sold a $1bn convertible bond on Thursday, the biggest equity-linked deal in the Middle East and North Africa since 2011.
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Georges Elhedery has been appointed as head of global banking and markets, MENA at HSBC.
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Emaar Malls Group’s tightly $750m 4.564% 10 year sukuk has performed well in its first day of secondary trading, despite having been priced at the tight end of guidance that had already been refined lower twice.
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Emirates Telecommunications (Etisalat) made a dazzling bond market debut on Wednesday, taking over €3bn equivalent across four tranches of dollar and euro notes. The huge crossover bid from European investment grade accounts for corporate EM paper provided tight pricing and a strong secondary performance, and debt bankers expect it to draw a series of debut names to the euro market before year end.
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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.
