Middle East Bonds

Benchmark offerings from a Qatari debut issuer and an Abu Dhabi name absent since 2007, plus large potential new issues from Dubai and Saudi Arabia, are providing new impetus for the sagging international sukuk market.

Benchmark offerings from a Qatari debut issuer and an Abu Dhabi name absent since 2007, plus large potential new issues from Dubai and Saudi Arabia, are providing new impetus for the sagging international sukuk market, writes Dan Alderson.

Local demand underpinned Dar Al Arkan’s $300m dollar sukuk on Wednesday as the Saudi property developer priced the three year note at 6%, tight to its outstanding curve.

Local demand underpinned Dar Al Arkan’s $300m dollar sukuk on Wednesday as the Saudi property developer priced the three year note at 6%, tight to its outstanding curve.

Qatari telecoms firm Ooredoo, formerly known as QTel, has picked banks for a debut dollar benchmark sukuk and has lined up roadshows for the deal.

Dar Al Arkan, the Saudi property developer, is set to price a $300m three year dollar sukuk on Wednesday at around 6%, which investors said is tight to its outstanding curve.

Aldar Properties plans to issue a benchmark sukuk — its first dollar bond since the financial crisis — and has lined up roadshows in Asia, the Middle East and Europe.

Qatari telecoms firm Ooredoo, formerly known as QTel, has picked banks for a debut dollar benchmark sukuk and has lined up roadshows for the deal.

Aldar Properties plans to issue a benchmark sukuk — its first dollar bond since the financial crisis — and has lined up roadshows in Asia, the Middle East and Europe.

Dar Al Arkan, the Saudi property developer, priced a $300m three year dollar sukuk on Wednesday with a 6% yield, which investors said was tight to its outstanding curve.

Barwa, a Qatari Islamic bank, has hired Arsalaan Ahmed as its head of capital financing, a new job at the bank.

Dar Al Arkan, the Saudi property developer, has given initial price thoughts of 6% area for a three year dollar sukuk.