GCC

Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer.

Emirates Development Bank, an agency guaranteed by the United Arab Emirates, hit screens for its debut five year Reg S benchmark on Wednesday, with initial price thoughts that looked promising to bankers away from the deal.

Central bank governors, chief executives, fintech pioneers and bankers met at the GCC Financial Forum hosted by Euromoney in Bahrain's capital Manama to discuss the reinvention of financial services and its impact on markets. Low oil prices and fiscal dilemmas across the region have not deterred capital market participants from robust activity, as investors and lenders exude confidence in the capacity of regional banks to incorporate financial innovation into their products.

Qatar International Islamic Bank has tightened price guidance on its five year sukuk and set the size of the deal at $500m after books for the note exceeded $2.9bn.

Sir Gerry Grimstone, whose departure from Barclays was announced last week, is joining a joint venture between Investcorp and Aberdeen Standard Investments as chair.

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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, sold its $600m five year sukuk on Wednesday at a level that was so tight it even took the deal’s lead managers by surprise.

Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag.

State-owned electricity company, Saudi Electricity Co (SEC) said on Wednesday that it will raise a Sr15.2bn ($4.05bn) loan from a consortium of domestic lenders.

Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.

Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.