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The company has enjoyed two rating upgrades since its last sukuk issuance
Some price discovery needed due to sukuk format and long tenor
Oil giant's bonds were priced no more than 15bp over the sovereign's curve
The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
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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.
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Citi has appointed Elissar Farah Antonios as cluster head for the United Arab Emirates, the Levant and Iraq.
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The National Bank of Ras Al-Khaimah has picked banks for a dollar benchmark, keeping up the steady flow of Middle Eastern paper.
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Qatar National Bank hit the market on Thursday while Sharjah is going on the road to promote a sukuk.
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Middle-Eastern payments company Network International is getting plenty of traction in pre-marketing for its IPO on the London Stock Exchange and has garnered interest from investors interested in anchoring the transaction, according to sources close to the IPO.
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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.