Middle East Bonds

Saudi Electricity Co will test demand for long term sukuk with a minimum 15 year tenor when it comes to market — the first borrower to look beyond five years in the asset class since the sell-off that hit emerging markets in May last year.

National Bank of Abu Dhabi sold its second ever Kangaroo bond on Wednesday, a comfortably oversubscribed five year trade. The scale of demand for the deal could lead to further Kangaroo issuance from emerging market financials, according to syndicate officials.

Saudi Electricity Co will test demand for long term sukuk with a minimum 15 year tenor when it comes to market — the first borrower to look beyond five years in the asset class since the sell-off that hit emerging markets in May last year.

Saudi Electricity Co will test demand for long term sukuk with a minimum 15 year tenor when it comes to market — the first borrower to look beyond five years in the asset class since the sell-off that hit emerging markets in May last year.

Having peaked at this time last year, issuance of long dated sukuk has since become almost impossible for all but a very select group of borrowers, say market participants.

The past week’s acrimonious face-off between Qatar and its Gulf neighbours is likely to be short-lived, say regional bankers and investors. But while the short term sell-off should soon turn into a chance to buy again, it is a useful chance for international investors to re-assess the political and economic risks of the region.

National Bank of Abu Dhabi will sell its second ever Kangaroo bond on Wednesday, a five year note that is attracting a strong response from Australian asset managers.

The past week’s acrimonious face-off between Qatar and its Gulf neighbours is likely to be short-lived, say regional bankers and investors. But while the short term sell-off should soon turn into a chance to buy again, it is a useful chance for international investors to re-assess the political and economic risks of the region.

Barwa Bank has named Khalid Al-Subeai as acting chief executive, describing the appointment as an indication of its commitment to 'Qatarisation and the progression of Qatari talent at all levels'.

In a sign of growing links between Islamic finance in the Gulf and South East Asia, First Gulf Bank has put in place plans to issue the biggest ringgit sukuk by a GCC borrower and the first from a UAE borrower since 2012.

Undaunted by Turkey’s domestic economic and political uncertainty, the country’s participation banks are lining up to to hit the international market with deals, say bankers. Turkiye Finans looks likely to lead the pack and could bring both a dollar sukuk and murabaha financing.

With the sukuk market grinding into gear in the first two months of the year, BNP Paribas has emerged as an early top five IFIS global sukuk league table arranger – a surprise given it did not even feature in the top 20 arrangers last year. Meanwhile, last year’s third most active arranger, Maybank, has slipped to tenth place.