Middle East Bonds

The Government of Sharjah has launched its $1bn seven year sukuk with books for the deal in excess of $4.3bn. A banker on the deal put the new issue premium paid at 0bp-5bp and said that 'this was the result we were aiming for', given that this is the first deal from the Emirate printed with eligibility for the JP Morgan emerging market bond indices.

Citi has appointed Elissar Farah Antonios as cluster head for the United Arab Emirates, the Levant and Iraq.

The National Bank of Ras Al-Khaimah has picked banks for a dollar benchmark, keeping up the steady flow of Middle Eastern paper.

Qatar National Bank hit the market on Thursday while Sharjah is going on the road to promote a sukuk.

Qatar National Bank hit the market on Thursday, nipping into the market just behind Qatar Islamic Bank’s $750m five year sukuk. Its Middle Eastern neighbour, Sharjah, is going on the road to promote its own sukuk.

Qatar Islamic Bank was able to tighten its spread by 25bp on its five year dollar sukuk benchmark on Tuesday.

Qatar Islamic Bank has launched its $750m five year benchmark sukuk at 150bp over mid-swaps.

Emirates NBD brought its first additional tier one (AT1) bond to market on Wednesday, printing the Middle East’s largest deal in the format. Now others in the emerging markets are set to follow.

Emirates NBD came to market for its first additional tier one bond on Wednesday morning, printing what what data suggests is the Middle East’s largest ever deal in the format.

Rating: Aa3/AA-/AA-

The State of Qatar far exceeded expectations this week as it raised $12bn from a three-tranche bond, with a staggering $50bn of orders testament to the strength of global demand for the issuer and the region. Some bankers raised concerns that the size of the transaction would “break the market” but investors were more relaxed. Lewis McLellan reports.

Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.