Middle East Bonds

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.

Emaar Malls Group has priced $750m of 10 year sukuk at the tight end of twice refined guidance at 182.5bp over mid-swaps, having secured a $5.4bn order book.

Turkish participation bank Albaraka Turk has removed BNP Paribas from its previously indicated arrangers, having mandated banks for a Reg S dollar sukuk roadshow beginning this week.

Emaar Malls Group has priced $750m of 10 year sukuk at the tight end of twice refined guidance at 182.5bp over mid-swaps, having secured a $5.4bn order book.

Books for Emaar Malls Group’s 10 year benchmark sukuk have already passed $2bn with roadshows still underway, after the company gave initial price thoughts on Tuesday of 200bp area over mid-swaps.

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 which the market should pass comfortably.

Richad Soundardjee became Société Générale’s chief region officer for the Middle East and chief executive officer of its Dubai office in October, having previously headed global capital markets for the CEEMEA region at the bank. He spoke with GlobalCapital / IFIS’s Dan Alderson about SocGen’s plans for its Islamic finance business with a particular focus on structured finance — and how those two areas of business will play a part in the region’s development.

Emaar Malls can easily price its benchmark sukuk inside existing Emaar Properties paper, said a banker close to the deal and United Arab Emirates investor, although it is thought the firm will issue a 10 year tranche.

Emaar Malls Group tightened guidance on its 10 year benchmark sukuk to 190bp area over mid-swaps on Tuesday afternoon in London, following strong demand for the paper.

Saudi Telecom Co has placed SR2bn ($533.2m) of 10 year sukuk privately, taking deals from the kingdom this year to over $8bn worth – with more lining up.

Kuveyt Turk Participation Bank is embarking on a roadshow to market a dollar sukuk.

National Bank of Ras Al-Khaimah (Rakbank) has picked banks for its first benchmark dollar bond, which would mark its return to the currency for the first time since 2006.