Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Volume dips only slightly despite there being a third fewer transactions
◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room
Private placements may have hung around much longer than first expected but their dominance may be at an end
Sukuk volumes much slimmer this year
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After two quiet months, the international sukuk market is ending the quarter with a flourish, with $2bn of notes pricing this week.
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Corporate sukuk added flavour to the Islamic feast this week, as Emirates, the UAE-based airline, priced a $1bn 10 year amortising sukuk. The deal was issued at 300bp over mid-swaps and received a three times covered order book.
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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.
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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.
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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.
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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.