Middle East Bonds

Saudi real estate firm Dar Al Arkan built a book of $1bn for its $400m five year sukuk late on Wednesday evening. The deal was printed with a yield of 6.75%, in line with guidance.

Saudi real estate firm Dar Al Arkan built a book of $1bn for its $400m five year sukuk late on Wednesday evening. The deal was printed with a yield of 6.75%, in line with guidance.

Abu Dhabi Commercial Bank's first Kangaroo deal in seven years, which was priced on Wednesday, was trading well in the secondary market and has pulled its competitors’ Kangaroo deals tighter in its wake. This year’s record run of MENA Kangaroos has left borrowers and bankers in no doubt as to the depth of demand, and syndicators are pitching financials and corporates across the region to follow suit.

Dar Al Arkan has built an order book of $700m for its sukuk of up to $450m, offering a 13bp-25bp new issue premium according to a lead manager and an investor. Price guidance has been released at 6.75% area for the five year deal.

Saudi Telecom Co is set to enter the sukuk market, after setting up a Saudi riyal denominated sukuk programme of up to SR5bn ($1.3bn).

Dar Al Arkan has built an order book of $700m for its sukuk of up to $450m, offering a 13bp-25bp new issue premium according to a lead manager and an investor. Price guidance has been released at 6.75% area for the five year deal.

The World Bank has begun a multi-faceted drive in Islamic finance that should see at least one sukuk come to market before the end of the year, according to senior officials at the organisation.

Abu Dhabi Commercial Bank ended a seven year absence from the Australian dollar market on Tuesday to continue this year’s run of successful Kangaroo bonds from the MENA region. Some analysts are expecting the Australian dollar to weaken and this could dent demand from some investors. But the benefits the Kangaroo market offers are likely to counter any drop in the currency, said debt bankers.

Dar Al Arkan plans to raise up to $450m in a five year dollar denominated sukuk, with initial price thoughts at "high 6%", as the Saudi Arabian real estate firm looks set to make its return to the international Islamic bond market.

Dar Al Arkan plans to raise up to $450m in a five year dollar denominated sukuk, with initial price thoughts at "high 6%", as the Saudi Arabian real estate firm looks set to make its return to the international Islamic bond market.

Saudi Arabian property developer Dar Al Arkan has picked banks as it plans to return to the sukuk market by issuing its first dollar deal since November.

The World Bank has begun a multi-faceted drive in Islamic finance that should see at least one sukuk come to market before the end of the year, according to senior officials at the organisation.