Middle East Bonds
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Kuveyt Turk gave initial price thoughts on Wednesday for a five-year dollar denominated sukuk at 375bp over mid-swaps. The Turkish participation bank plans to price $450m to $500m on Thursday, according to a banker on the deal. -
The book for Commercial Bank of Qatar’s benchmark five year bond topped $3bn on Tuesday morning as price guidance was tightened to 117bp-120bp over mid-swaps. The deal will be priced in that range, said bankers.
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National Bank of Ras Al-Khaimah (Rakbank) launched its first ever benchmark dollar bond on Tuesday, having drawn $1.5bn in orders for its $500m inaugural.
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Morocco is unlikely to issue its first ever sukuk this year and the country’s Islamic banking looks set for more delays, according to a senior parliamentary advisor.
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The UK government has come under fire from the country’s Islamic banks after including none of them on the mandate to lead manage its inaugural sukuk.
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The Middle East’s burgeoning pipeline of pre-Ramadan bonds and sukuk saw Etisalat and Emaar Malls achieve dazzling debuts this week, while Al Hilal Bank has lined up to issue what will be the UAE’s first tier one sukuk since Dubai Islamic Bank came to market last year.
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With rumours rife that two Russian borrowers are about to break the country’s silence and launch new bonds, the EM bond market is awash with Turkish borrowers looking to rush through deals while they have a clear run.
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The Middle East’s burgeoning pipeline of pre-Ramadan bonds and sukuk saw Etisalat and Emaar Malls achieve dazzling debuts this week, while Al Hilal Bank has lined up to issue what will be the UAE’s first tier one sukuk since Dubai Islamic Bank came to market last year.
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Dubai-based international ports operator DP World sold a $1bn convertible bond on Thursday in the biggest equity-linked deal from the Middle East and North Africa since 2011.
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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 that the market should pass comfortably.
