GCC

Bahrain is on track to return to the dollar bond market this week despite weak external conditions, according to bankers involved in the process.

Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.

After wrapping up investor meetings on Monday, Abu Dhabi Commercial Bank has opened books on a new five year dollar deal, offering around 30bp premium in order to attract investors in a "shakier market.”

The Kingdom of Bahrain has announced the only new CEEMEA bond mandate of the week so far, looking for a multi-tranche benchmark deal to follow its storming last foray into the international bond markets in September.

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

Saudi property developer Dar Al Arkan has tightened price guidance for its sukuk, with books for the deal hitting $1.1bn.

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

Abu Dhabi Commercial Bank has named leads for its first publicly distributed dollar bond for three years.

Qatar National Bank has printed two dim sum bonds through JP Morgan, a bank whose commitment to Qatari issuers has been under scrutiny since the Middle East diplomatic crisis erupted in June 2017.

Dar Al Arkan has released initial price guidance for its dollar benchmark sukuk.

Dubai based developer Majid Al Futtaim has launched a tender offer and new issue in order to optimise the cost of its hybrid capital and balance sheet structure.