Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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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The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market. -
Bahrain’s sovereign wealth fund Mumtalakat priced a seven year debut sukuk on Tuesday, which debt bankers said came flat to or even inside the sovereign curve. They put this down to credit quality, scarcity value and exceptional liquidity in the Middle East. But they felt that the additional rarity of the sukuk format was also a contributing factor, which other potential issuers should do well to note.
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Dubai government owned airline Flydubai opened books on a five year dollar sukuk on Tuesday morning. The initial price thoughts represented a fair starting point with room to tighten, said bankers away from the deal.
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Mumtalakat will launch a debut sukuk deal on Tuesday afternoon. Debt bankers away from the deal felt that the final guidance range offered fair value, but were surprised that the issuer was not printing a larger deal.
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Alistithmar Capital — a Saudi based asset manager — has hired Shariyah Review Bureau (SRB) to help it launch a series of Shariah compliant funds.
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Saudi firm Advanced Petrochemical Co sold a debut sukuk on Monday, placing a SAR1bn deal with domestic Saudi investors.
