Middle East Bonds
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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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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.
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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.
