Middle East Bonds
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Saudi Basic Industries Corporation (Sabic) has selected banks for its first trip to the bond market for five years, angling to refinance a bond maturing next week. -
Saudi Electricity Company issued a $2bn dual tranche Sukuk bond on Thursday, an issue which gathered $7bn of demand.
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September has been the busiest month for the Middle East bond market since April, and with the deals so far largely seen as successes, bankers say there is plenty more pent-up deal flow.
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Al Ahli Bank of Kuwait revived its AT1 on Wednesday, having postponed the deal following a roadshow in March this year. But a modest deal size priced in the middle of final guidance left bankers away from the deal saying appetite did not look overwhelmingly strong.
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Saudi Electric has become the latest issuer from the Middle East to pile into the market this week, releasing guidance for a dual tranche sukuk. Combined books for the note are over $3bn.
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Islamic Development Bank printed its $1.3bn five year Reg S sukuk on Wednesday inside its own curve.
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Dubai headquartered DP World on Tuesday sold the largest bond from the Middle East so far this autumn — a quadruple tranche multi-currency bond — but supply from the region is still lower than bankers have been expecting.
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The National Bank of Oman hit screens on Tuesday, raising $500m of five year paper in a market still hungry for more Middle Eastern supply.
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The Islamic Development Bank’s five year sukuk trade appears to be meeting with a warm response, allowing the leads to pull in the spread by several basis points.
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The Middle East is continuing its domination of the CEEMEA primary market and even the Latin America new issue market is starting to see some action as a run of successful bonds in the last fortnight is helping to bolster investor confidence.
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When the mandates for DP World’s four tranches of bonds were put on screen this week, the market was shown a different, and GlobalCapital believes better, way of mandating banks for multi-currency, multi-product type bonds.
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Dubai headquartered ports authority DP World is guiding the market for a 10 year dollar sukuk, a 30 year 144A/Reg S dollar bond, an eight year 144A/Reg S euro bond and a 12 year sterling bond.
