Middle East Bonds

Middle East dollar sukuk will be firmly back on the menu from early next week, with investors sizing up both prime steak borrower Saudi Electricity Co and nouvelle cuisine Damac Real Estate Development.

Damac Real Estate Development has lined up roadshows as it plans to issue a debut dollar sukuk.

Middle East dollar sukuk will be firmly back on the menu from early next week, with investors sizing up both prime steak borrower Saudi Electricity Co and nouvelle cuisine Damac Real Estate Development.

First Gulf Bank on Tuesday sold its inaugural Kangaroo bond, 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.

Damac Real Estate Development has lined up roadshows as it plans to issue a debut dollar sukuk.

Damac Real Estate Development has lined up roadshows as it plans to issue a debut dollar sukuk.

Bank issuance from Poland and Abu Dhabi has kept CEEMEA bond supply going this week, while Mexico’s Cemex tapped the euro and dollar markets.

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.