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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Books for Emaar Malls Group’s 10 year benchmark sukuk have already passed $2bn with roadshows still underway, after the company gave initial price thoughts on Tuesday of 200bp area over mid-swaps. -
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 which the market should pass comfortably.
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Richad Soundardjee became Société Générale’s chief region officer for the Middle East and chief executive officer of its Dubai office in October, having previously headed global capital markets for the CEEMEA region at the bank. He spoke with GlobalCapital / IFIS’s Dan Alderson about SocGen’s plans for its Islamic finance business with a particular focus on structured finance — and how those two areas of business will play a part in the region’s development.
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Emaar Malls can easily price its benchmark sukuk inside existing Emaar Properties paper, said a banker close to the deal and United Arab Emirates investor, although it is thought the firm will issue a 10 year tranche.
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Emaar Malls Group tightened guidance on its 10 year benchmark sukuk to 190bp area over mid-swaps on Tuesday afternoon in London, following strong demand for the paper.
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Saudi Telecom Co has placed SR2bn ($533.2m) of 10 year sukuk privately, taking deals from the kingdom this year to over $8bn worth – with more lining up.
