Middle East Bonds

Saudi Telecom Company has tightened price guidance for its debut international sukuk, a dollar 10 year that has already drawn a book of around $3.5bn.

Saudi Telecom Company was on track to print its debut benchmark dollar Reg S/144A sukuk on Thursday, and after a week of roadshowing is leaning towards making it a 10 year bond, GlobalCapital understands.

Majid Al Futtaim has picked banks for its first ever green bond, going on the road to promote its new green finance framework to investors.

Saudi Telecom Company is embarking on investor meetings to market a debut benchmark dollar Reg S/144A sukuk. However, investor enthusiasm for Saudi corporate bonds may have been dented as the $12bn bond Aramco printed a fortnight ago remains wide of reoffer.

Islamic Development Bank and Qatar National Bank hit the market for dollar paper on Wednesday, scooping up funds ahead of Ramadan.

First Abu Dhabi Bank and Emirates NBD have printed sterling MTNs this week, adding to a flurry of deals in the currency from the Middle East.

Bank of America has hired for its hybrid capital structuring team from Morgan Stanley.

Islamic Development Bank is expected to raise $1.5bn with a five year sukuk on Wednesday.

Trading of Saudi Aramco’s $12bn bond has slowed considerably since it was priced on Tuesday last week, but all five tranches have failed to rebound to reoffer, and the longer ones were 1.5 points down by Wednesday afternoon this week.

The Islamic Development Bank has announced initial price thoughts for a five year sukuk dollar bond — its first since a euro benchmark in November 2018.

First Abu Dhabi Bank has printed two sterling private placements in the last week — the most recent Tuesday morning’s £120m note through JP Morgan — adding to a flurry of sterling trades from the Middle East.

Saudi Aramco might have expected a $12bn bond it issued on Tuesday to be hailed as a triumph, coming as it did well inside its sovereign curve after taking orders that at one point reached $100bn. But after pricing, the demand evaporated, the bonds fell below reoffer, and the notion that the European Market Abuse Regulation has ended the practice of order inflation was left in tatters.