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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Bank of London and the Middle East’s chairman, Yacob Al Muzaini, will retire as independent non-executive chairman from the end of March. His decision came as the bank reported £56m total operating income for 2013 – up from £52.5m in 2012.
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Oman’s Bank Muscat, plans to expand its Euro Medium Term Note programme from $800m to $2bn as it seeks to issue another Eurobond. It also plans to raise funds through an Or500m ($1.3bn) sukuk programme with the possibility of international sukuk later on said a senior official, at the bank. -
South Africa and Luxembourg have stepped up their plans to issue sukuk as they look to be among the first non-Muslim majority sovereigns to hit the market this year.
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The Islamic Development Bank has added its weight to the call for western sovereign sukuk issuance, having brought a personal record sized $1.5bn deal at a market record tight print. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuk, said bankers, and the IsDB believes they should also go bigger with their plans.
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This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.
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The Middle East syndicated loan market this week finally fired up its engines when Ooredoo approached banks for a loan of up to $1bn and Commercial Bank of Qatar signed the first deal in the region this year.
