Middle East Bonds
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Investors have hailed the Investment Corporation of Dubai’s decision to issue a dollar sukuk as a sign that the emirate is genuine about its push to become the self-styled centre of the Islamic economy. ICD began roadshows on Thursday in Singapore as it lines up a dollar debut. -
Investment Corporation of Dubai will hit the road on Thursday for a dollar debut, building on the recent momentum of United Arab Emirates issuers from the Dubai sovereign, Majid Al Futtaim, Mubadala and Abu Dhabi National Energy Company (Taqa).
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Delek & Avner — the financing vehicle for Delek Drilling LP and Avner Oil Exploration LP — has released initial price thoughts on the $2bn five tranche bond it is raising to fund the operation of its Israeli Tamar gas field. The initial pricing thoughts offer spreads inside Israel Electric on the short end and wide to it on the long end. Israel Electric is Tamar's biggest customer.
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Investment Corporation of Dubai will hit the road on Thursday for a dollar debut, building on the recent momentum of United Arab Emirates issuers from the Dubai sovereign, Majid Al Futtaim, Mubadala and Abu Dhabi National Energy Company (Taqa).
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GlobalCapital's exclusive article last week on the United Arab Emirates’ shortfall in bankruptcy rules (“UAE urged to act on Basel III bankruptcy baffler”) has highlighted a Basel III compliance problem that is holding back the whole Gulf region, say bankers. But while the UAE has so far been lax in its response, it should take the lead and spur its neighbours to follow suit.
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Genel Energy, the largest independent oil producer in the Kurdistan Region of Iraq, priced its $500m senior unsecured 2019s 7.5% late last week, taking $100m more than the size indicated on April 25 when it started marketing the deal.
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IFIS's exclusive article last week on the United Arab Emirates’ shortfall in bankruptcy rules (“UAE urged to act on Basel III bankruptcy baffler”) has highlighted a Basel III compliance problem that is holding back the whole Gulf region, say bankers. But while the UAE has so far been lax in its response, it should take the lead and spur its neighbours to follow suit.
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Bank Muscat’s debut sukuk is being delayed by a hold up in the Central Bank of Oman’s approval process, according to a senior Bank Muscat official. The bank is also yet to make any decision on the amounts, currencies or maturities it will issue, the official added – in denial of recent media reports.
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Abu Dhabi Islamic Bank’s recent tweaking of its $5bn sukuk programme to include provisions for tier two deals has highlighted a shortfall in local rules that is holding back the Basel III regulatory push in the United Arab Emirates, said bankers.
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Kyrgyzstan is looking to introduce rules for sukuk and takaful in the country and has engaged international law firm Simmons & Simmons to set up a consultancy.
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Abu Dhabi Islamic Bank’s recent tweaking of its $5bn sukuk programme to include provisions for tier two deals has highlighted a shortfall in local rules that is holding back the Basel III regulatory push in the United Arab Emirates, said bankers.
