Middle East Bonds
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The Investment Corporation of Dubai’s $1bn dual tranche issue this week has been hailed by bankers both as a triumph of sukuk over conventional bonds and a clarion call for prospective Middle East borrowers to be more flexible in their execution. -
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The Investment Corporation of Dubai’s $1bn dual tranche issue this week has been hailed by bankers both as a triumph of sukuk over conventional bonds and a clarion call for prospective Middle East borrowers to be more flexible in their execution.
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Bahrain-based alternative asset manager Investcorp made its Swiss franc debut on Thursday afternoon, increasing the size of a five year deal in response to strong demand from retail investors drawn in by a juicy coupon.
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Risk weighting, credit ratings and the Dubai government itself have all been cited as contributing factors after the emirate’s sovereign wealth fund cut the size of its conventional bond offering in favour of a shorter dated sukuk.
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Investcorp, the Bahrain-based alternative asset manager, is set to sell its debut Swiss franc deal on Thursday afternoon, the first venture to the Swiss franc market from a Bahraini issuer.
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The Investment Corporation of Dubai has the emirate’s sovereign curve in clear sight as it looks to issue a debut $500m six-year sukuk as well as a $500m 10-year conventional bond on Wednesday afternoon.
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Risk weighting, credit ratings and the Dubai government itself have all been cited as contributing factors after the emirate’s sovereign wealth fund cut the size of its conventional bond offering in favour of a shorter dated sukuk.
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The Investment Corporation of Dubai plans to issue a debut six year sukuk as well as 10 year conventional bond and could price the benchmark dollar tranches as early as Wednesday.
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The Investment Corporation of Dubai has the emirate’s sovereign curve in clear sight as it plans to issue a debut six year sukuk as well as 10 year conventional bond as early as Wednesday.
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The Central Bank of Bahrain’s monthly sukuk al-ijara issue for May has been oversubscribed by 378%, its second biggest order book of the year so far.
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Prospective borrower Investment Corporation of Dubai will issue both sukuk and conventional bonds as part of its dollar offering, according to one investor who attended the company’s roadshow.
