Middle East Bonds
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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.
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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.
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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.
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Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.
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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.
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Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.
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Qatari infrastructure firm United Development Company (UDC) has agreed a Qr854m ($235m) Shariah-compliant facility with local Islamic bank Masraf Al Rayan.
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Dubai property developer Majid Al Futtaim Holdings has returned with a dollar perpetual deal, after postponing the deal in May.
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The Central Bank of Bahrain has issued BD36m ($95.7m) of three month sukuk al-salam, with the sale oversubscribed by 144%.
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With just two and a half months of 2013 left for borrowers to issue deals after this week’s religious holidays, the global sukuk market is over $50bn short of last year’s record volume, according to IFIS data. This year’s figure has, however, already passed the full year 2011 total.
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With dollar sukuk deals having returned in the past two weeks, the market’s leading international arrangers have built on the league table positions they held before the long summer lull.
