Middle East Bonds
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Dubai-based schools operator GEMS Education gave 11.75%-12% initial price thoughts on Tuesday for its debut perpetual sukuk — a higher level than market participants predicted last week.
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The Central Bank of Bahrain has sold BD20m of short term sukuk al ijara, with the auction oversubscribed at 140% – roughly half last month’s 276% subscription.
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A roadshow this week for a perpetual sukuk from Dubai-based schools operator GEMS Education highlighted the challenges that corporate borrowers can face in coming to the bond market for the first time. -
A roadshow this week for a perpetual sukuk from Dubai-based schools operator GEMS Education highlighted the challenges that corporate borrowers can face in coming to the bond market for the first time.
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GEMS Education's perp sukuk roadshow, which is due to finish this week, has highlighted the challenges that corporate borrowers can face in coming to the bond market for the first time, with some investors' pricing demands likely to be at sharp odds with those of the company.
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Saudi Arabia’s Riyad Bank tapped the sukuk market for the first time this week as it issued SR4bn ($1.1bn).
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International Islamic Financial Market has held an industry consultative seminar on sukuk restructuring in Bahrain.
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The new issue premium for the First Gulf Bank $500m long five year conventional deal was under debate on Wednesday morning as the note performed weakly in the secondary market the day after pricing.
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First Gulf Bank opened books on a five year dollar deal on Tuesday morning, which debt bankers away from the sale said offered a decent new issue premium.
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Tilal Development, owner of the Muscat Grand Mall and part of Al Madina Real Estate has completed a OR50m ($130m) ijara sukuk – the first corporate sukuk in Oman.
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The Islamic Development Bank (IsDB) plans to list its $10bn sukuk programme on the Nasdaq Dubai.
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