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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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United Arab Emirates bank Al Hilal has given initial price thoughts of 6% area on a benchmark tier one perpetual sukuk — the first Islamic deal of its kind since Dubai Islamic Bank brought $1bn in March last year.
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Turkish conglomerate Doğuş Group looks set to become the first Turkish corporate borrower to issue a dollar sukuk, having applied to the country’s Capital Markets Board to issue up to $400m to foreign investors.
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The Central Bank of Bahrain sold its BD36m ($95.5m) of short term sukuk al salam with more orders than last month’s issuance.
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Saudi Arabia’s National Petrochemical Co (Petrochem) has sold SR1.2bn ($319.9m) in its debut sukuk, making it the busiest six month period ever for Saudi sukuk issuers according to IFIS figures.
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The National Shipping Co of Saudi Arabia (Bahri) has signed a SR3.18bn ($849m) murabaha bridge financing facility with three local banks to finance its $1.3bn merger with Vela, a subsidiary of Saudi Aramco.
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United Arab Emirates bank Al Hilal tightened guidance on its benchmark tier one perpetual sukuk to 5.75% area and capped the size of the deal at $500m. The bank expects to price the deal, which is the first Islamic tier one out of the UAE since Dubai Islamic Bank brought $1bn in March last year, as early as Tuesday.