Middle East Bonds

CEEMEA bankers are dusting off their Bloomberg terminals in preparation for a resurgence of new issue business next week. DCM and syndicate officials' most conservative estimate for the number of new CEEMEA issues that will be printed next week was three and the most bullish was seven.

Real estate developer Dubai Investments Park will start a roadshow on Sunday for its debut issue as it aims to bring the first dollar sukuk from the Middle East of 2014, despite two weeks of volatile markets. The firm is planning a $300m five year sukuk.

Financial markets were buffeted by gusts of risk-aversion this week, and there was only one mainstream high yield issue in Europe. But the market was not in hiding — the lack of supply and further fund inflows stoked demand.

United Arab Emirates real estate developer Dubai Investments Park is planning its debut $300m five year sukuk. The firm has set dates for a roadshow, starting on Sunday, to bring the first dollar sukuk from the Middle East of the year, despite a selloff in emerging markets over the last fortnight.

Emirates NBD has hired Jonathan Morris as the group’s general manager of wholesale banking and member of the group’s executive committee.

UAE real estate developer Dubai Investments Park is planning its debut $300m five year sukuk. It has set dates for a roadshow, starting on Sunday, to bring the first dollar sukuk from the Middle East of the year, despite a selloff in emerging markets over the last fortnight.

Saudi Arabia’s National Commercial Bank began roadshows on Tuesday, with further meetings scheduled on Wednesday, as it plans to issue Sr4bn ($1.06bn) of tier two sukuk.

The global sukuk market is set to resume growth in 2014 after a mixed 2013 and should exceed $100bn for the third year running, said Standard & Poor’s on Tuesday.

The resilience of Europe’s high yield bond market to recent financial volatility is likely to ensure continued investor demand for the asset class through this week, bankers said on Monday.

Dubai budget airline carrier, Flydubai, is looking to tap the corporate bond market for the first time in early 2015 with sukuk as a potential option, according to its chief financial officer Mukesh Sodani.

With dollar funding again stymied, a banner performance in sterling underscored the UK currency’s increasingly strategic appeal to bond issuers, some bankers argued this week — highlighting a rise of almost £1bn in new issues compared with the same period last year. But others see little more than an opportunistic grab at basis swap arbitrage.

The UK government has appointed law firm Linklaters to act as legal advisor to assist the UK Treasury in preparing for the country's debut sukuk.