Middle East Bonds
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Damac Real Estate Development's sukuk this week has blazed a trail for sub-investment grade borrowers as Middle East investors start to migrate down the credit spectrum. Bankers close to the $650m deal said that Damac’s tight print at 310bp over mid-swaps late on Wednesday would serve as great encouragement for double B and single B rated names to come to market, including those that have not done so before.
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Saudi Electricity Co priced $2.5bn of dollar sukuk late on Tuesday — its biggest ever offering — inside initial guidance.
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Saudi Electricity Co priced $2.5bn of dollar sukuk late on Tuesday — its biggest ever offering — inside initial guidance. -
Damac Real Estate Development's sukuk this week has blazed a trail for sub-investment grade borrowers as Middle East investors start to migrate down the credit spectrum.
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Damac Real Estate Development’s debut sukuk helped get Middle Eastern capital market volume off to a strong start for the second quarter, as the company priced a bigger than expected $650m inside guidance late on Wednesday, with over $2.7bn of orders.
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International Telecommunications Group Batelco is buying back $131.4m of its 2020 bonds, and expects to settle the transaction on Friday. The Bahraini issuer paid a decent premium for the tender offer, designed to use excess cash on its balance sheet, said a banker on the deal.
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Damac Real Estate Development’s debut sukuk helped get Middle Eastern capital market volume off to a strong start for the second quarter, as the company priced a bigger than expected $650m inside guidance late on Wednesday, with over $2.7bn of orders.
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Damac Real Estate Development has launched $650m of sukuk – more than the planned $500m – and set the deal well inside initial guidance.
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Saudi Electricity Co sold $2.5bn of dollar sukuk late on Tuesday – its biggest ever offering – inside initial guidance.
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Saudi Electricity Co sold $2.5bn of dollar sukuk late on Tuesday – its biggest ever offering – inside initial guidance.
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Investors bought more dollar sukuk in 24 hours, between Tuesday and Wednesday, than they did in the whole of the first quarter, as Damac Real Estate Development went big with $650m and added to Saudi Electricity Co’s bumper $2.5bn.
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Saudi Electricity Company has given initial price thoughts of 4.25% to 4.375% on the 10 year tranche of its sukuk offering – a level that some investors think is generous.
