Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The country's curve has rallied since the US and Iran agreed on a peace MoU
Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Abu Dhabi Commercial Bank returned to the dollar market on Tuesday and made a 50bp saving at the five year part of its curve. Middle Eastern spreads have come flying in over the past year and bankers said that the bond came at the tightest possible level.
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Emirates NBD launched a $500m perpetual bond on Wednesday afternoon having received over $1.3bn in orders for the old-style Basel II compliant note.
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Islamic investors should not allow political turmoil to derail Pakistan’s plan to return to the sukuk market. -
Emirates NBD announced on Tuesday a new tier one perpetual offering. However, the bond will not be Basel III compliant and therefore will not have a point of non-viability (PONV) feature.
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The Kingdom of Bahrain was on track to price the first dollar bond from the country this year on Tuesday, having released initial price thoughts for a 30 year bullet bond on Tuesday at low 6%.
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The Emirate of Sharjah is on track for a tightly priced benchmark deal having drawn over $4bn in orders for its first ever sukuk. Aggressive guidance has eliminated any hope of a premium over fellow emirate Ras Al-Khaimah (RAK), which some buyers had expected. But such was Middle East liquidity that investors would still happily lap up the deal, they said.
