Middle East Bonds

Dubai-based international schools operator GEMS Education unveiled plans for a perpetual sukuk this week as it began roadshows for a benchmark debut of around $500m. The deal would be a first, not only for the company, but for the Middle East, which saw Majid Al Futtaim issue the region’s first ever conventional corporate hybrid perpetual just last week.

International Bank of Azerbaijan and Mashreq Bank returned to the Eurobond market this week and bankers expect them both to be more active in 2014.

Dubai-based international schools operator GEMS Education unveiled plans for a perpetual sukuk this week as it began roadshows for a benchmark debut of around $500m. The deal would be a first, not only for the company, but for the Middle East, which saw Majid Al Futtaim issue the region’s first ever conventional corporate hybrid perpetual just last week.

Saudi Hollandi Bank shareholders have approved the bank’s plans to issue sukuk to boost its Basel III compliant capital.

Schools operator GEMS Education is holding roadshows as it looks to issue a benchmark - around $500m - debut perpetual sukuk.

Arab Banking Corporation has appointed Khaled Kawan as its president and chief executive, making the position permanent after Kawan was put in temporary charge in April.

Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.

Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.

Majid Al Futtaim, a shopping mall and hypermarket firm, sold the first hybrid perpetual deal from a Middle East company this week, printing an eight times subscribed $500m bond. Debt bankers hope it will rouse regional interest in the structure among other corporate borrowers.

Majid Al Futtaim closed books on the first hybrid perpetual deal from a Middle East corporation on Wednesday morning. The borrower fixed the price on a $500m deal at 7.125%, after drawing more than eight times the necessary demand.

Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.

EM bonds are back, with investors being offered a wide choice of credits and currencies to pick from. CEEMEA borrowers have answered investors' increasing risk appetite with deals in euros, dollars and Swiss francs this week. Banks, corporates and sovereigns have all launched bonds and debt bankers expect more to follow before Friday's close.