Middle East Bonds
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Abu Dhabi Commercial Bank closed the Middle East's first FIG deal of 2014 this week, pricing a $750m bond flat to its secondary curve. Bankers both off and on the deal had doubted how much international interest there would be given how tight Middle East spreads are relative to the rest of the CEEMEA market. But the final order book left no doubt about demand for the region in the face of EM uncertainty. -
The Islamic Development Bank has taken advantage of pent up demand for sukuk, grabbing $1.5bn instead of $1bn and pricing inside guidance at 23bp over mid-swaps. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuks, said bankers.
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The Islamic Development Bank has taken advantage of pent up demand for sukuk, grabbing $1.5bn instead of $1bn and pricing inside guidance at 23bp over mid-swaps. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuks, said bankers.
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The sukuk market has started slowly in 2014, but IFIS data for announced deals suggests there is enough in the pipeline to surpass last year’s total issuance. High profile deals could come from both regular borrowers and those tapping the market for the first time.
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When General Electric issued a debut $500m sukuk five years ago it did not receive a great deal of acclaim. But with the company considering another potential Islamic deal later this year, neither it — nor other rumoured western first time borrowers such as Total — should fear for a bad result this time round.
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The Islamic Development Bank has given initial price thoughts of mid to high 20bp over five year mid-swaps for a benchmark dollar sukuk.
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Abu Dhabi Commercial Bank closed the first FIG deal from the Middle East this week, pricing a $750m bond flat to its secondary curve. Bankers off and even on the deal had doubted how much international interest there would be given how tight Middle East spreads are relative to the rest of the CEEMEA market. But the final order book left no doubt about demand for a region which, in a world of EM uncertainty, has stability and credit strength firmly on its side.
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The International Islamic Liquidity Management Corporation (IILM) has auctioned its third $490m short term dollar sukuk.
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When General Electric issued a debut $500m sukuk five years ago it did not receive a great deal of acclaim. But with the company considering another potential Islamic deal later this year, neither it — nor other rumoured western first time borrowers such as Total — should fear for a bad result this time round.
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The Islamic Development Bank has given initial price thoughts of mid to high 20bp over five year mid-swaps for a benchmark dollar sukuk.
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Abu Dhabi Commercial Bank (ADCB) opened books on a five year conventional dollar bond on Monday morning, and is on track to price a benchmark deal with very little new issue premium, said bankers away from the deal.
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Bahrain’s Al Baraka Banking Group plans to expand its overseas operations later this year will issue sukuk to finance them.
