Middle East Bonds

Saudi Arabian fashion retailer AlHokair is looking to issue sukuk of up to 10 years maturity and for an amount in line with its available capital.

Giel-Jan Van Der Tol, who until recently served as general manager of wholesale banking at Emirates NBD in Dubai, has moved to oversee the bank’s Egypt operation.

Saudi Electricity Co will aim for 4% pricing or tighter on a 10 year sukuk, said prospective investors on Tuesday as the utility company hit the road for a dollar benchmark deal.

First Gulf Bank sold its inaugural Kangaroo trade on Tuesday morning, a five year deal. Despite securing an oversubscribed order book, the issuer chose to keep the size of the trade modest in order to maximise the Australian distribution of the bonds.

Saudi Electricity Co will aim for 4% pricing or tighter on a 10 year sukuk, said prospective investors on Tuesday as the utility company hit the road for a dollar benchmark deal.

Saudi Electricity Co has picked banks and lined up roadshows this week as it looks to return to the sukuk market. The company is planning a long dated 144A tranche of at least 15 years as part of the offering, which would make it the first sukuk borrower to look beyond five years since the emerging markets sell-off in May last year.

The Republic of Lebanon has picked Bank Audi, Byblos Bank and Deutsche Bank for a Eurobond issue, which it will combine with an exchange offer on its 2014 bonds.

First Gulf Bank is set to price its debut Kangaroo bond on Tuesday, becoming the second financial from the Middle East to sell bonds in the format this year.

Saudi Electricity Co has picked banks and lined up roadshows this week as it looks to return to the dollar sukuk market. The company is planning a long dated 144A tranche of at least 15 years as part of the offering, which would make it the first sukuk borrower to look beyond five years since the emerging markets sell-off in May last year.

The Central Bank of Bahrain has issued BD36m ($93.7m) of three month al salam sukuk, with the sale oversubscribed by 311%.

The Republic of Lebanon has mandated Deutsche Bank and Bank Audi for its next Eurobond issue. It is paying 2c for the deal, with banks absorbing expenses. A liability management exercise will take place in conjunction with the new issue, according to a banker away from the deal.

Gulf Keystone Petroleum has picked Deutsche Bank and Pareto Securities to arrange a RegS/144A three year transaction of up to $250m. The deal could mark only the second Iraqi or Kurdistan new Eurobond issue since the start of the 2003 war.