Middle East Bonds
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Bahraini investment group Gulf Finance House printed its $300m five year sukuk on Tuesday from a book of more than $750m. -
Saudi Arabia scored a triple tranche dollar deal inside its own curve on Tuesday, raising cash at seven, 12 and 35 years. Samba Financial Group has since followed its sovereign into the market with its own deal.
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Bahraini investment group Gulf Finance House is targeting a $300m five year issue for its debut international sukuk.
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Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.
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Qatar Islamic Bank this week printed the Gulf region’s first Formosa sukuk, as issuers there stepped up their use of increasingly attractive Asian debt markets.
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Bahrain Mumtalakat, the country’s sovereign wealth fund, printed its $500m bond on Tuesday at 4.25% having tightened 62.5bp from initial guidance.
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First Abu Dhabi Bank printed a quick $500m five year Reg S sukuk on Tuesday morning in London. Because the deal was driven by reverse enquiry, leads started the execution process by announcing final guidance.
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Turkish lender Yapi Kredi ventured into the green bond market for the first time on Friday with a rare dollar private placement, its first since January 2016, according to Dealogic data.
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A week that started with a panic about the potential for conflict between Iran and the US appeared to end with capital market issuance conditions so good as to be marked “10 out of 10”. As the loan market defied Middle East risk, borrowers and bond bankers are gearing up for a week ahead of huge issuance, while equity bankers are ruing missed opportunities. Sam Kerr, Mariam Meskin and Francesca Young report.
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The State of Israel printed a $3bn dual tranche dollar bond on Thursday from a combined book of $20bn, helping to buoy confidence in the CEEMEA market as US-Iran tensions faded. The bond was Israel’s largest ever deal and its tightest price in terms of spread.
