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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Overall CEEMEA supply this year may be down almost $25bn on the same time in 2013, but second quarter issuance was only slightly shy of the total sold over the same period last year. The healthy pick-up in issuance allowed some bookrunners — including Deutsche and HSBC — to redress a sluggish start to the year but the top trio of Citi, JP Morgan and Barclays remained in place.
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Bahrain Steel launched a $340m seven year syndicated loan into the market on Wednesday morning. -
Maaden Waad Al Shamal Phosphate Co, a subsidiary of the Saudi Arabian Mining Co (Maaden), has signed a SR18.9bn ($5bn) financing agreement with banks and the state’s Public Investment Fund. Proceeds will be used to fund the construction of the Maaden Waad Al Shamal phosphate project.
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Garanti Bank sold a €500m five year bond on Tuesday in line with initial price thoughts — an unusual event in CEEMEA where pricing is typically tightened. But a syndicate official on the note said he was pleased with the result, and one away from the deal said Garanti’s generosity may have been necessary after a string of Turkish bank deals in the last month.
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Bahrain Steel launched a $340m seven year syndicated loan into the market on Wednesday morning.
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Sukuk issuance has passed last year’s first half total after a busy second quarter compensated for a slow start to the year. The volumes were aided by a rare international perpetual sukuk from Al Hilal and the United Kingdom government’s debut deal, both placed in the last week before Ramadan.
