Middle East Bonds
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Majid Al Futtaim, the Middle Eastern shopping mall developer, came to market on Wednesday for a Reg S long 10 year sukuk, one day after Saudia Arabia won a $13bn order book for its own deal in the format. -
The Kingdom of Saudi Arabia is tapping hard currency debt markets for the first time since Fitch hit it with a downgrade, launching a $2.5bn sukuk on Tuesday.
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Middle Eastern shopping mall developer Majid Al Futtaim is holding investor calls this week as it eyes another green sukuk deal.
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The Emirate of Sharjah shrugged of any concerns about broader volatility in emerging markets on Wednesday, to price a 10 year sukuk flat to its curve.
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Aldar Investment Properties has raised a 10 year $500m sukuk, achieving a tightening of 35bp beyond initial guidance.
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The Emirate of Sharjah is planning a benchmark 10 year Reg S senior unsecured sukuk.
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Middle Eastern banks returned to the Swiss franc market this week after an absence of almost five months with trades from two Gulf banks providing some respite for yield-starved investors.
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Dar Al-Arkan, a Saudi Arabia-based real estate developer, raised $600m on Wednesday with a February 2025 sukuk, defying market volatility to offer little in the way of new issue premium.
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Dar Al-Arkan, a real estate development company headquartered in Saudi Arabia, is in the market for a five year sukuk benchmark.
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Dar Al-Arkan Real Estate Development Company has mandated eight banks to arrange a long five year Reg S benchmark sukuk and is starting the roadshow for the deal on Thursday.
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Fitch lowered Saudi Arabia’s credit rating on Monday, following the September 14 attack on Saudi Aramco’s oil infrastructure.
