Middle East Bonds
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Qatar International Islamic Bank sold its $500m five year sukuk on Tuesday, printing 25bp inside initial price guidance from an order book that reached $4bn in the first international sukuk deal from Qatar since May 2017. -
Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer.
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Emirates Development Bank, an agency guaranteed by the United Arab Emirates, hit screens for its debut five year Reg S benchmark on Wednesday, with initial price thoughts that looked promising to bankers away from the deal.
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Almarai, the largest dairy company in the Middle East, has tightened price guidance for its dollar benchmark sukuk as investors jump on the offer of exposure to a company of “critical importance to Saudi and the GCC”.
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Qatar International Islamic Bank has tightened price guidance on its five year sukuk and set the size of the deal at $500m after books for the note exceeded $2.9bn.
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The strength of demand for emerging market new issues this week was a surprise to many on the sell-side. Every deal from the CEEMEA region flew, with each pulling off a spectacular result.
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A Lebanese former investment banker and advocate of public-private partnerships (PPPs) has been nominated to challenge Donald Trump’s candidate for the role of president of the World Bank Group.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, sold its $600m five year sukuk on Wednesday at a level that was so tight it even took the deal’s lead managers by surprise.
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Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.
