Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
Sovereign wealth fund takes $2bn, as aimed at
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Abu Dhabi bank Al Hilal has launched its Global Balanced Fund, a Shariah-compliant fund which will invest in global equities and sukuk.
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Dubai’s decision to cut the minimum size requirement of sukuk issued in the emirate to just Dh10m ($2.72m) from its previous Dh50m is likely to help the return of domestic deals, said market participants. But while welcomed, some warned that this could lead to risks for retail investors.
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Abu Dhabi National Energy Company, known as Taqa, sold its first euro note since October 2006 on Thursday.
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Abu Dhabi’s state-owned investment firm Mubadala priced its first international benchmark bond in three years this week, receiving around $5bn in orders for a $750m eight year deal. Debt bankers on and off the deal clashed over the starting point but the bookrunners argued the transaction had successfully allowed Mubadala to maintain a presence in the market, reprice its bond curve and secure its status as a high grade issuer.
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Dubai issued a $750m 15 year sukuk this week in a drive-by sale that bankers hailed as a smartly executed, well oversubscribed deal that could tempt other issuers to sell long dated sukuk. But even as the deal drew a $2.3bn book and traded firmly in the aftermarket, some investors had misgivings, Dan Alderson writes. For them, the deal was a sign that Dubai’s strong bond rally is nearing its end. -
Tharawat Holding Co, a Saudi investment company, has bought a majority stake (54%) in Dubai’s Quantum Investment Bank.
