Middle East Bonds
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Majid Al Futtaim and Abu Dhabi National Energy Company (Taqa) have continued the theme of United Arab Emirates borrowers issuing longer term paper, reported GlobalCapital, with both firms looking to price 10 year bonds on Tuesday.
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Abu Dhabi bank Al Hilal has launched its Global Balanced Fund, a Shariah-compliant fund which will invest in global equities and sukuk.
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Dubai’s decision to cut the minimum size requirement of sukuk issued in the emirate to just Dh10m ($2.72m) from its previous Dh50m is likely to help the return of domestic deals, said market participants. But while welcomed, some warned that this could lead to risks for retail investors.
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Abu Dhabi National Energy Company, known as Taqa, sold its first euro note since October 2006 on Thursday.
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Abu Dhabi’s state-owned investment firm Mubadala priced its first international benchmark bond in three years this week, receiving around $5bn in orders for a $750m eight year deal. Debt bankers on and off the deal clashed over the starting point but the bookrunners argued the transaction had successfully allowed Mubadala to maintain a presence in the market, reprice its bond curve and secure its status as a high grade issuer.
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Dubai issued a $750m 15 year sukuk this week in a drive-by sale that bankers hailed as a smartly executed, well oversubscribed deal that could tempt other issuers to sell long dated sukuk. But even as the deal drew a $2.3bn book and traded firmly in the aftermarket, some investors had misgivings, Dan Alderson writes. For them, the deal was a sign that Dubai’s strong bond rally is nearing its end. -
Saudi Telecom Company, one of the largest phone operators in the Gulf region, looks set to hit the sukuk market with a debut deal. Bankers said it has mandated JP Morgan, National Commercial Bank's investment arm NCB Capital as well as Standard Chartered to manage the sale.
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Frontier markets investment boutique Exotix has lost two senior officials from its Dubai office. Senior executive officer and branch founder Ahmad Alanani is understood to be leaving Exotix while director of credit research Ghassan (Gus) Chehayeb is confirmed as having already left.
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Dubai issued a $750m 15 year sukuk this week in a drive-by sale that bankers hailed as a smartly executed, well oversubscribed deal that could tempt other issuers to sell long dated sukuk. But even as the deal drew a $2.3bn book and traded firmly in the aftermarket, some investors had misgivings, Dan Alderson writes. For them, the deal was a sign that Dubai’s strong bond rally is nearing its end.
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Abu Dhabi National Energy Company, known as Taqa, sold its first euro note since October 2006 on Thursday.
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