Middle East Bonds
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DP World has updated price guidance for its new 10 year benchmark sukuk and $200m tap of its 2048s, with order books already a healthy size for both deals. -
DP World is embarking on a roadshow to market a new 10 year benchmark Reg S dollar sukuk. It is also considering long dated Reg S-only dollar funding.
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Israel sees long dated issuance as an important part of its ‘strategic issuance plan’, according to sources in its Ministry of Finance. Last week, the sovereign returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement
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Burgan Bank, a Kuwaiti lender, was able to raise $500m of additional tier one (AT1) capital on Tuesday, returning to the market ahead of its previous AT1’s first call date in September.
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The Kingdom of Saudi Arabia printed its debut bond in euros on Tuesday. The deal was widely hailed a success, sold with a minimal new issue premium, final order books of over €14.5bn and trading up well in the secondary.
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The Bank of Bahrain and Kuwait has set pricing for its five year bond.
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Burgan Bank is in the market with an additional tier one benchmark, eyeing $500m. The order book has swollen to over $2bn.
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The Kingdom of Saudi Arabia has tightened guidance for its dual tranche debut in the euro market, offering a 10bp new issue premium for its eight year and a 5bp concession for its 20 year, according to a syndicate official away from the deal. Combined books are over €10bn, including €1.5bn of joint lead manager interest.
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Israel has returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement.
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Saudi Arabia hit screens on Monday to announce its first ever euro benchmark — a dual tranche with eight year and 20 year tenors.
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First Abu Dhabi Bank printed $900m of senior floating rate notes on Thursday, using the format for the second time this year. Although interest rates are expected to fall this year, investors seemed happy to commit funds to the product.
