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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Solidarity General Takaful is set to insure Bahrain’s first public and private partnership (PPP) housing project. -
The sukuk market is looking forward to a strong start to the new year as it brings 2013 to an end with a flourish. Three closely-watched deals on Tuesday brought more dollar issuance in a day than had been seen in the whole of the third quarter — and there's plenty more to come as two issuers could still come to market this year, while the first quarter pipeline is full of big names.
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Qatari telecoms firm Ooredoo issued a $1.25bn debut five year sukuk on Tuesday at 3.039% or 160bp over mid-swaps — 5bp through initial price thoughts.
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Aldar Properties saw big demand as it priced its $750m 4.348% five year sukuk on Tuesday at 290bp over mid-swaps — in from Monday’s initial price thoughts of very low 300bp area.
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Aldar Properties’ $750m sukuk traded up in secondary markets after it was priced on Tuesday and was quoted at 100.15/100.25 on Thursday. Ooredoo’s $1.25bn note, also issued on Tuesday, dipped below par but recovered to around par on Thursday.
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Global sukuk issuance is likely to maintain its positive long-term growth trends, said Moody’s this week, while S&P said the corporate and infrastructure sukuk pipeline will be “solid” in 2014.
