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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Dubai-based international ports operator DP World sold a $1bn convertible bond on Thursday in the biggest equity-linked deal from the Middle East and North Africa since 2011.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth — particularly for sukuk — but it is one that the market should pass comfortably.
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Al Hilal looks set to become the first bank in the United Arab Emirates to issue a tier one perpetual sukuk since Dubai Islamic Bank brought $1bn in March last year. This would also provide the first test of demand since Abu Dhabi Commercial Bank’s tier two last year drew attention to a shortfall in the central bank’s provisions for such instruments.
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Turk Telekomunikasyon (Turk Telekom) is on track to price a $1bn debut dual tranche bond this afternoon, having started with fair initial price thoughts, said bankers away from the deal. -
UAE dock operator DP World sold a $1bn convertible bond on Thursday, the biggest equity-linked deal in the Middle East and North Africa since 2011.
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Georges Elhedery has been appointed as head of global banking and markets, MENA at HSBC.
