Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Tight price and strong book reported as market awaits geographic breakdown
Flood of AT1s expected to follow the first public trade from the Gulf in over two months
Announcements could come as early as Monday, the two month anniversary of the last public GCC trades
Islamic investors have been a safe haven for Gulf issuers in the past, and can be now
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Islamic finance practitioners grappled with the question of how to open the US market to sukuk issuance and Islamic finance during a panel discussion at Euromoney’s Islamic Finance and Investment conference in London this week. -
Tabreed, a United Arab Emirates utility company, has appointed Steve Ridlington as its new chief executive.
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A spate of downgrades in the Middle East by Standard & Poor’s has been shrugged off by the market with bankers blaming the small sell-off in Kingdom of Bahrain’s bonds on underlying rate movements. They added that investors were more focused on the positive movement in oil prices than the much anticipated downgrade.
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Emirates NBD is on track to price the longest Kangaroo bond from a Gulf bank and is marketing a seven year at 225bp over mid-swaps. The bank is keen to establish its presence in the Aussie dollar market, according to bankers.
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The Bahrain based International Islamic Financial Market (IIFM) unveiled a new master collateralised murabaha agreement (MCMA) at a workshop in London this week. The framework is designed to offer Islamic entities a standard structure for raising low cost funding using idle Shariah compliant assets as collateral.
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The first round of oil price driven rating actions hit the Middle East this week, with Standard & Poor’s taking its knife to Bahrain and Oman and putting Saudi Arabia on negative outlook. The countries’ respective sukuk seemed safe from secondary volatility, although Bahraini paper — now on the cusp of junk — is likely to feel some pressure, said investors.
