Middle East Bonds
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Oman is set to return to the bond market for the first time in nine months this week. The sovereign has picked banks for five and 10 year dollar benchmarks. -
The Emirates Strategic Investment Corp made its bond market debut on Tuesday, launching a $600m five year sukuk into a six times subscribed order book.
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Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.
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The Middle East is regaining its position as the core source of emerging markets issuance after a brief lull in June. Emirates Strategic Investments Company (ESIC) has announced a roadshow for its first dollar sukuk.
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DP World on Thursday launched a new $1bn 10 year sukuk and $300m tap of its $1bn 5.625% September 2048s, both with negative new issue premiums.
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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.
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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.
