GCC

The Saudi Electricity Company (SEC) has joined the groaning pipeline of issuers looking to print dollar sukuk paper, picking banks for what will be the borrower’s first trip to the bond market in four years.

Saudi Arabia has come to market for a long 10 year dollar sukuk bond, targeting $2bn, returning for a trade after five month’s absence from the bond market.

Al Hilal Bank (AHB) and Abu Dhabi Islamic Bank (ADIB) are on screens on Wednesday with dollar sukuk benchmarks — the first in a wave of Middle Eastern supply.

Investors’ eyes are on the Middle East this week as a slew of borrowers bring Sukuk trades to market, but while hopes are high for successful deals, a Turkish central bank rate decision looms large in investors’ minds.

Islamic Development Bank is preparing a return to the sukuk market, picking banks for a roadshow for a dollar benchmark.

Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) have completed their roadshows, and are set to reopen the dollar sukuk market on Wednesday.

Gas asset and infrastructure investment consortium Quadgas made its debut in the sterling corporate bond market on Monday with a £350m 11 year offering. The company had previously raised funds from the US private placement market, but this was its first benchmark public deal.

DP World hit screens on Monday to announce a tender offer of a 2019 Sukuk note and the sale of a new 10 year dollar benchmark.

The National Bank of Oman has launched a tender offer to buy back half of a 2019 dollar benchmark as well as announcing a roadshow for a new five year deal.

Emerging market bonds are still under pressure from macro factors, but investors have plenty of capital markets business to keep an eye on as the pipeline, particularly in the Middle East, swells with deals.

Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) were this week roadshowing the first public dollar sukuk since April and the first public bank deals from the Gulf states since March.

Al Hilal Bank hit screens on Thursday to announce a roadshow for a new five year Sukuk syndication — the first in the market in five months, according to Dealogic.