Middle East Bonds
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Islamic Development Bank is preparing a return to the sukuk market, picking banks for a roadshow for a dollar benchmark.
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Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) have completed their roadshows, and are set to reopen the dollar sukuk market on Wednesday.
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Gas asset and infrastructure investment consortium Quadgas made its debut in the sterling corporate bond market on Monday with a £350m 11 year offering. The company had previously raised funds from the US private placement market, but this was its first benchmark public deal.
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DP World hit screens on Monday to announce a tender offer of a 2019 Sukuk note and the sale of a new 10 year dollar benchmark.
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The National Bank of Oman has launched a tender offer to buy back half of a 2019 dollar benchmark as well as announcing a roadshow for a new five year deal.
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Emerging market bonds are still under pressure from macro factors, but investors have plenty of capital markets business to keep an eye on as the pipeline, particularly in the Middle East, swells with deals.
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A string of call dates is approaching for Middle East perpetual tier one bonds and DCM bankers are starting to look at whether these will be refinanced — and if so, how.
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Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) were this week roadshowing the first public dollar sukuk since April and the first public bank deals from the Gulf states since March.
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Al Hilal Bank hit screens on Thursday to announce a roadshow for a new five year Sukuk syndication — the first in the market in five months, according to Dealogic.
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Abu Dhabi Islamic Bank is roadshowing a dollar benchmark Reg S additional tier one sukuk as the call date for its outstanding tier one approaches in October.
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First Abu Dhabi Bank (FADB) appeared in the Swiss franc market on Thursday, selling five year bonds in an arbitrage driven transaction.
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Emerging market borrowers and investors are returning from the summer break slowly but surely this week, but caution is still the prevailing tone.