Middle East Bonds
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Dubai Islamic Bank took advantage of a quiet market to raise $1bn with a skinny new issue premium on Tuesday, opening the sukuk market for financial issuers from the Gulf. -
Dubai Islamic Bank on Tuesday launched the first public dollar bond this year from the Middle East, though the region's banks have been busy funding in other markets.
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The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.
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Dubai Islamic Bank, the largest Islamic bank in the UAE by total asset size, has mandated eight banks for a five year senior dollar sukuk. The deal could be the first bank bond from the Gulf Cooperation Council so far this year.
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Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group.
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A senior BNP Paribas CEEMEA DCM banker has resigned from the bank to join Goldman Sachs.
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Mizuho International (MHI) is expanding its presence in the Middle East and has opened an office in the Dubai International Financing Centre (DIFC). The bank has moved over a DCM banker from London to head the team, and is eyeing further expansion.
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Fund flows into emerging market bond funds hit a 76 week high in the week ending January 12, according to EPFR data, culminating a week of strong primary markets that a wobble in US Treasuries could do nothing to derail.
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Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.
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Strong demand enabled Oman to secure a larger than expected $6.5bn of funding on Wednesday, taking it a considerable way towards covering its Omr3bn ($7.8bn) deficit for 2018.
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Investors piled in excess of $12.5bn orders into a dual tranche dollar trade for Israel on Wednesday, the largest level of oversubscription the sovereign has ever experienced.
