Middle East Bonds
-
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.
-
The Islamic Development Bank has given initial price thoughts of mid to high 20bp over five year mid-swaps for a benchmark dollar sukuk.
-
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.
-
The International Islamic Liquidity Management Corporation (IILM) has auctioned its third $490m short term dollar sukuk. -
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.
-
The Islamic Development Bank has given initial price thoughts of mid to high 20bp over five year mid-swaps for a benchmark dollar sukuk.
-
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.
-
Bahrain’s Al Baraka Banking Group plans to expand its overseas operations later this year will issue sukuk to finance them.
-
The Islamic Development Bank will price a $1bn sukuk on Thursday following roadshows, an IsDB official said.
-
The Central Bank of Bahrain has issued BD36m ($93.7m) of three month sukuk al-salam, with the sale oversubscribed by 325%.
-
Despite Egypt’s rejection of political Islam last year, Islamic banking in the country is set to accelerate, say bankers. Seizing the opportunity to help those most affected by Egypt’s struggling economy will bring a doubling of Islamic banking assets over the next two years, they predict.
-
The likelihood of Western companies issuing sukuk this year is growing, say bankers, as Islamic investors’ perceptions of Western issuers improves, more conventional asset managers allocate to sukuk, and European sovereigns prepare to issue door-opening deals.
