Middle East Bonds

Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.

Saudi Telecom Co printed a $1.25bn 10 year sukuk on Thursday from book of more than $4.5bn, with a spread just inside fellow state-owned corporate Saudi Electric Co.

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.