Middle East Bonds

Saudi Arabia’s General Authority for Civil Aviation looks set to come to market soon with the much awaited second tranche of its sukuk programme and has mandated three banks to arrange the deal.

Qatar Islamic Bank (QIB) has signed a QR365m ($100m) murabaha facility with Qatar First Bank (QFB), Qatar’s first independent Shariah-compliant financial institution authorised by QFC Regulatory Authority.

Political protests in Turkey last week and uncertainty over US Treasury rate rises hammered the country in the capital markets. But it has strong fundamentals and has held up well in the circumstances, said analysts. Turkish borrowers are by no means barred from the bond market.

Construction company Saudi Binladin Group has lined up investor meetings as it looks to issue a one year sukuk.

Saudi Arabia’s Power and Water Utility Company for Jubail and Yanbu (Marafiq) recently closed a SR2.5bn ($666m) debut sukuk.

Egypt is set to begin roadshows in the GCC region as it looks to issue a first sovereign sukuk. At the same time the government boosted its budget with a $2.7bn conventional MTN.

The Islamic Development Bank priced its largest ever sukuk this week at its tightest ever price — and with what leads said was its biggest and highest quality order book. The $1bn five year also prevailed in a week in which the rest of the EM new issue market was shuttered due to global volatility.

Egypt this week moved to bridge its budget deficit with a $2.7bn 4.25% November 2014 bond via bookrunners HSBC and QNB Capital. The note was issued on Tuesday from the country’s $12bn EMTN programme.

The Islamic Development Bank priced its largest ever sukuk this week at its tightest ever price — and with what leads said was its biggest and highest quality order book. The $1bn five year also prevailed in a week in which the rest of the EM new issue market was shuttered due to global volatility.

Qatar National Bank sold its first-ever fixed rate Swiss franc bond on Tuesday, encouraged by investor interest after a recent survey named QNB as the strongest bank in the world.

The Islamic Development Bank has priced a $1bn five year sukuk at just 30bp over mid-swaps, having tightened guidance from Tuesday’s high 30bp area. IsDB will pay a 1.535% profit rate on the notes.

The Islamic Development Bank has given guidance of high 30 basis points over mid-swaps for its five year benchmark sukuk. Leads built books to over $1bn on Tuesday and these are likely to go subject mid-morning London time on Wednesday, with pricing to follow.