Middle East Bonds
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Turkish conglomerate Doğuş Group looks set to become the first Turkish corporate borrower to issue a dollar sukuk, having applied to the country’s Capital Markets Board to issue up to $400m to foreign investors.
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The Central Bank of Bahrain sold its BD36m ($95.5m) of short term sukuk al salam with more orders than last month’s issuance.
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Saudi Arabia’s National Petrochemical Co (Petrochem) has sold SR1.2bn ($319.9m) in its debut sukuk, making it the busiest six month period ever for Saudi sukuk issuers according to IFIS figures.