Middle East Bonds

Turkiye Finans has led the return of Turkish participation bank issuers to the sukuk market after nearly a year of absence, achieving a strong result this week that leads on the deal hailed as a door-opener for its peers.

The Dubai Supreme Council of Energy (DSCE) and the World Bank have partnered up to design a funding strategy for Dubai’s green investment programme. This could see the emirate finance projects through green bonds or sukuk.

At $1.5bn, the order book for Turkiye Finans’s $500m sukuk return on Tuesday was not to be sniffed at. But demand didn't reach the dizzy heights of this year’s other dollar sukuk deals, and that is thanks to the market’s last issuer, Damac Real Estate Development.

Bahrain’s Gulf Finance House will push on with plans to issue $500m of convertible sukuk or other credit facilities, after receiving approval from its shareholders at the bank’s extraordinary general meeting on Monday.

Bahrain’s Gulf Finance House will push on with plans to issue $500m of convertible sukuk or other credit facilities, after receiving approval from its shareholders at the bank’s extraordinary general meeting on Monday.

The Central Bank of Bahrain will pay just 0.9% expected return on its latest BD20m ($53m) of short term sukuk al ijara. This is the latest grind tighter on a run that has seen it come in from 1.25% on its January offering.

At $1.5bn, the order book for Turkiye Finans’s $500m sukuk return on Tuesday was not to be sniffed at. But demand didn't reach the dizzy heights of this year’s other dollar sukuk deals, and that is thanks to the market’s last issuer, Damac Real Estate Development.

Turkiye Finans priced its $500m five year sukuk inside guidance at 5.375% on Tuesday. But while some market participants felt the early $750m interest received signalled a "sluggish" bookbuild, this grew to $1.5bn despite the tighter price – and demand continued in the secondary market.

Turkiye Finans will look to issue $500m of five year sukuk on Tuesday, said investors, with pricing for the notes expected to come around 375bp over z-spread by at least one investor.

The International Islamic Liquidity Management Corp (IILM) will re-issue $860m of commercial paper style sukuk next week – its third pricing of the year and fifth to date.

Less than a year after its buyout by private equity firm Rhone Capital, Eden Springs wants to sell a high yield bond to repay debt and partially repay shareholder loans.

Gulf Keystone Petroleum priced its $250m 2017s on Tuesday with a semi-annual coupon of 13%, the highest interest rate offered from the CEEMEA region since South Africa’s Edcon sold €425m 13.375% 2019s in November.