Middle East Bonds
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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. -
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.
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Turkey’s Albaraka Turk and Kuveyt Turk plan to issue dollar sukuk before the Ramadan holiday in June, according to three market participants.
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Abu Dhabi National Energy Co (Taqa) and Dubai shopping mall firm Majid Al Futtaim this week showcased the strong demand for emerging markets — at least outside of Russia and Ukraine — when they and hit their target bond sizes with ease and also managed to crunch pricing of their new debt to inside their own curves.
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Emirates NBD this week became the third Middle Eastern issuer this year to take to the Kangaroo market, selling a five year bond. A weaker rating than other Middle Eastern issuers that have been active in the Kangaroo market harmed the issuer’s appeal to Australian investors, but a juicy spread over swaps drew in Asian investors.
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Turkey’s Albaraka Turk and Kuveyt Turk plan to issue dollar sukuk before the Ramadan religious holiday in June, according to three people with knowledge of the matter.
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The National Bank of Abu Dhabi (NBAD) has hired James Burdett from ANZ Bank as its new group chief financial officer. At ANZ Burdett was CFO of international and institutional banking.
