Middle East Bonds

Gulf International Bank (GIB) has picked banks for a five year dollar benchmark, joining the stream of high quality issuance from Middle Eastern borrowers.

Aldar Properties, a real estate company based in Abu Dhabi, needed large orders from lead managers on Tuesday to get to $500m with a seven year sukuk transaction.

Al Khalij Commercial Bank is embarking on a roadshow for a Reg S five year dollar benchmark bond.

Abu Dhabi based real estate company Aldar hit screens on Monday morning with a seven year sukuk, but the deal seems to be relying on heavy support from leads.

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.

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.

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.

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.

Islamic Development Bank printed its $1.3bn five year Reg S sukuk on Wednesday inside its own curve.

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.

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.