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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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BNP Paribas has promoted Leroy Knowles to head of loan syndications, Middle East and Africa. -
Saudi Telecom Co is set to enter the sukuk market, after setting up a Saudi riyal denominated sukuk programme of up to SR5bn ($1.3bn).
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Dar Al Arkan has built an order book of $700m for its sukuk of up to $450m, offering a 13bp-25bp new issue premium according to a lead manager and an investor. Price guidance has been released at 6.75% area for the five year deal.
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The future growth of Islamic finance is under threat if better education standards are not implemented, say practitioners, with a recent survey pointing to a critical skills gap in the industry.
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The World Bank has begun a multi-faceted drive in Islamic finance that should see at least one sukuk come to market before the end of the year, according to senior officials at the organisation.
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Abu Dhabi Commercial Bank ended a seven year absence from the Australian dollar market on Tuesday to continue this year’s run of successful Kangaroo bonds from the MENA region. Some analysts are expecting the Australian dollar to weaken and this could dent demand from some investors. But the benefits the Kangaroo market offers are likely to counter any drop in the currency, said debt bankers.
