Middle East Bonds

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

Credit Suisse has put two emerging markets DCM bankers at risk.

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

Saudi property developer Dar Al Arkan has tightened price guidance for its sukuk, with books for the deal hitting $1.1bn.

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

Abu Dhabi Commercial Bank has named leads for its first publicly distributed dollar bond for three years.

Qatar National Bank has printed two dim sum bonds through JP Morgan, a bank whose commitment to Qatari issuers has been under scrutiny since the Middle East diplomatic crisis erupted in June 2017.

Dar Al Arkan has released initial price guidance for its dollar benchmark sukuk.

Dubai based developer Majid Al Futtaim has launched a tender offer and new issue in order to optimise the cost of its hybrid capital and balance sheet structure.

Islamic Development Bank released price guidance for its dollar benchmark sukuk on Wednesday and leads are expecting to price the note on Thursday.

Dar Al Arkan Real Estate Development Company has mandated eight banks to arrange a dollar benchmark five year sukuk.

Bank Muscat cut through a weaker market to raise $500m with a new five year senior bond which “all things considered went really well,” and landed flat to where a new Omani sovereign five year would come, according to a banker on the deal.