Middle East Bonds
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Turkey has given initial price thoughts of 325bp over mid-swaps area for its return to the international sukuk market. -
Abu Dhabi bank Al Hilal has launched a $500m five year debut sukuk at 170bp over mid-swaps – inside the 190bp guidance it gave on Monday.
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Abu Dhabi bank Al Hilal drew a $6.3bn book as it priced a $500m five year debut sukuk at 170bp over mid-swaps, inside the 190bp guidance it gave on Monday.
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Almarai has sold SR1.7bn ($453m) of perpetual tier one sukuk – the first deal of its kind from a Gulf corporate borrower.
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Garanti Bank has debuted in an emerging market currency for the second time this month, while National Bank of Abu Dhabi added to a record breaking year of euro commercial paper issuance with sterling and dollar deals.
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The government of Ras Al Khaimah (RAK) will begin a roadshow on Wednesday for a dollar denominated sukuk.
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Abu Dhabi bank Al Hilal has released price guidance on its five year debut sukuk, breaking a four month absence of Middle East sukuk deals from the market.
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Saudi Basic Industries Corporation (Sabic) priced a $1bn five year bond on Thursday morning. It marked the first international deal from the Middle East in months and the first in conventional format from a Saudi borrower since 2010. The rarity value helped Sabic attract demand five times the deal size, but meant the outcome offered a limited illustration of appetite for other Middle East credits.
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Saudi Basic Industries Corporation (Sabic) launched a $1bn five year bond on Thursday morning. It marked the first international deal from the Middle East in months and the first in conventional format from a Saudi borrower since 2010. The rarity value helped Sabic attract demand five times the deal size, but meant the outcome offered a limited illustration of appetite for other Middle East credits.
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Saudi Hollandi Bank hopes to sell Basel III compliant sukuk in a private sale and has asked shareholders to approve the plans.
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Almarai has given guidance of 200bp over six-month Libor as it looks to issue SR1.7bn ($453m) of perpetual tier one sukuk – the first of its kind from a Gulf corporate borrower.
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The Islamic Development Bank plans to issue up to $1bn of dollar sukuk next year but has decided not to tap the dollar market again in 2013.
