Middle East Bonds
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Kuwait Projects Company’s $500m five year bond was hailed as a success with tight pricing and good size, but bankers said that as emerging market local currencies resumed their sell off, little other paper from the CEEMEA region is expected this week. Lead managers on the deal were divided as to whether the Kipco demand is indicative of CEEMEA appetite more broadly for the week ahead.
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B Communications, the holding company of Israeli telco Bezeq, wants to sell a $775m-equivalent high yield bond in euros and dollars.
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Books for Kuwait Projects Company $500m five year bond are at $3bn, breaking the tension in CEEMEA with a clear demonstration that investors are still willing to buy some paper after the emerging market sell off early this week.
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Emerging market bond bankers have been unnerved by the sell-off in their asset class this week. But as trading stabilised on Tuesday and interest rate hikes in Turkey and India calmed local currency selling, a new issue emerged from Latin America and bankers hope others in CEEMEA may not be far behind.
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QInvest has staked its credentials as a potential arranger of Oman’s first sovereign sukuk, after pledging to support local Omani borrowers with advisory and other solutions. -
Abu Dhabi Islamic Bank (ADIB) has signed Dh450m ($122.5m) Islamic financing facility with Al Dhafra Cooperative Society, a private equity firm that serves local communities in western Abu Dhabi.
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Saudi Electricity Co (SEC) returned to the sukuk market earlier than expected on Saturday, printing Sr4.5bn ($1.2bn) with its first floating rate Islamic deal.
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The International Islamic Liquidity Management Corporation (IILM) this week expanded its short term dollar sukuk programme with an $860m three month issue.
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The International Islamic Liquidity Management Corporation (IILM) this week expanded its short term dollar sukuk programme with an $860m three month issue.
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Egypt Electricity Holding Co (EEHC) is set to sign two dollar financing agreements with two multilateral organisations totalling $783m to build and develop power stations.
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Libya will consider issuing a debut international sukuk as it seeks alternative funding sources to meet its budget and pay for food imports.
