Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Investors piled in orders more than four times trade’s size
Premium to dollars was in the high single digits, said a lead
The UAE bank capped the deal size at $500m, gaining some leverage over pricing
Attractive pricing versus dollars luring GCC borrowers back to the single currency
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The dam holding back a flood of Middle East bonds was broken this week by Ahli Bank Qatar and Islamic Corporation for Development. But those two issuers demonstrated that, despite a renewed appetite for paper from the region, the price needs to be right to attract international interest.
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Ahli Bank Qatar printed its $500m five year bond on Wednesday from a $1.2bn book, demonstrating that there is investor demand for Middle East bank debt at the right price. -
Rather than cherry picking its favourite banks for its $10bn sovereign loan, the Kingdom of Saudi Arabia will “pull together a handful of banks” to get the deal done, according to a banker in discussions with the sovereign.
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The Islamic Corporation for Development printed its $300m five year sukuk on Wednesday but drew heavy criticism for having priced at the wide end of guidance with a lower size than the “benchmark” originally targeted, and for a lacklustre performance in the secondary markets on Thursday.
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Ahli Bank Qatar has tightened price guidance for its debut bond to 265bp-275bp area over swaps, and the deal looks set for success, according to a banker away from the mandate.
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The Islamic Corporation for Development set the spread on its benchmark sukuk at the wide end of guidance on Tuesday afternoon in London, but by Wednesday midday the sukuk had still not been priced.
