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EM Middle East

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  • FIG
    Dubai Islamic Bank is lining up the first bank sukuk of the year — a deal that could kick off a busy month for financial institution issuing Islamic bonds after 2013’s muted start. DIB’s perpetual tier one deal will come via Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered.
  • FIG
    Emirates NBD had a double surprise for bankers this week when it printed a privately placed subordinated debt deal — a rare instrument for a Middle Eastern bank and one that is usually printed in syndicated format.
  • Emirates Airlines has used a securitisation-type structure to sell $187m of bonds to refinance a loan used to buy a new Airbus aircraft last year. The bonds are the first ever to be backed by French export credit agency Coface.
  • Middle East sukuk issuance is set to continue to grow and investor demand will grow with it, said senior bankers at an Islamic finance event this week. But regulators and policymakers must do more to help increase the number of non-bank financial institutions if this growth is to be sustainable, warned buyside officials.
  • Dubai Electricity & Water Authority powered back into the sukuk market this week, pricing a $1bn five year benchmark deal inside the Dubai sovereign curve and achieving in excess of $5.5bn of orders.
  • Emirates Airlines has used a securitisation-type structure to sell $187m of bonds to refinance a loan used to buy a new Airbus aircraft last year. The bonds are the first ever to be backed by French export credit agency Coface.