GCC
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Al Ahli Bank of Kuwait revived its AT1 on Wednesday, having postponed the deal following a roadshow in March this year. But a modest deal size priced in the middle of final guidance left bankers away from the deal saying appetite did not look overwhelmingly strong. -
Saudi Electric has become the latest issuer from the Middle East to pile into the market this week, releasing guidance for a dual tranche sukuk. Combined books for the note are over $3bn.
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Dubai headquartered DP World on Tuesday sold the largest bond from the Middle East so far this autumn — a quadruple tranche multi-currency bond — but supply from the region is still lower than bankers have been expecting.
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The National Bank of Oman hit screens on Tuesday, raising $500m of five year paper in a market still hungry for more Middle Eastern supply.
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The Islamic Development Bank’s five year sukuk trade appears to be meeting with a warm response, allowing the leads to pull in the spread by several basis points.
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National Bank of Oman will sell a new five year benchmark on Tuesday, following a tender offer completed on Monday.
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The Islamic Development Bank has announced a five year sukuk benchmark in dollars, which leads expect to price on Wednesday.
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Emerging markets are in full swing this week after last week's successful crop of deals. Five borrowers, mostly from the Middle East, are expected on screens for deals this week.
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Emerging markets were treated to their first week of supply from the Gulf region in four months, and despite the sudden glut of supply, performances were strong and the market is ready for more.
