Middle East Bonds
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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. -
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.
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Investors absorbed $16.35bn of issuance from Middle Eastern borrowers this week as issuers from all over the credit spectrum brought deals all across the curve. Although all managed neat executions, the lack of secondary performance indicates that the market’s depth is finally being tested.
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Taqa, the Abu Dhabi National Energy Co, is in the market on Thursday for its first 30 year bond since 2006.
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Islamic Development Bank on Wednesday priced a five year sukuk bond, coming to market alongside Samba, a Saudi Arabia based bank. The deals are the latest in a flood of Middle East issuance that has raised $13.35bn this week alone.
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Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.
