Middle East Bonds

The Islamic Development Bank will target $1bn with a planned sale of five year sukuk – its largest bond deal yet.

Dar Al Arkan’s $450m 5.75% five year sukuk has performed well in secondary markets. The paper traded up to 100.75 bid on Wednesday, having been priced below par at 99.47 the day before.

Saudi Arabia’s Dar Al Arkan has issued a $450m five year dollar sukuk inside guidance at a 5.75% coupon. The deal is the first tranche of a SR2.8bn ($750m) international programme.

Saudi Arabia’s Dar Al Arkan began investor meetings on Monday as it looks to issue the first sukuk of a multi-tranche international programme.

Bahrain’s Al Baraka Islamic Bank has opted to raise $200m through a privately placed 18 month sukuk.

Abu Dhabi Commercial Bank sold its first subordinated Swiss franc bond on Thursday afternoon, a lower tier two 10 year non-call five note. There was interest from private banks and asset managers, but EuroWeek understands that the deal was not fully sold, with rival syndicate officials attributing the lack of demand to the tight spread over mid-swaps.

The Islamic Development Bank is looking to issue a Reg S dollar sukuk and has mandated eight banks as joint lead managers and bookrunners for the sale.

Al Madina Investment has submitted a prospectus to Oman’s Capital Market Authority (CMA) as it looks to issue a privately placed OR50m ($130m) sukuk or debt instrument – the first large size Islamic issue in the sultanate.

Egypt will raise between $10bn and $15bn yearly in investments from projects financed by sukuk, a finance ministry official said on Monday.

The Central Bank of Bahrain (CBB) has issued BD100m ($265.2m) of two year sukuk al-ijara.

Saudi Arabian dairy company Almarai could issue a benchmark size debut international sukuk within the next 12 months, the company’s chief financial officer said on Wednesday.

Dana Gas finally completed a $1bn sukuk refinancing, after months of protracted negotiations with creditors and shareholders.