GCC

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.

Dar Al Arkan Real Estate Development Company has mandated eight banks to arrange a dollar benchmark five year sukuk.

Bank Muscat cut through a weaker market to raise $500m with a new five year senior bond which “all things considered went really well,” and landed flat to where a new Omani sovereign five year would come, according to a banker on the deal.

Bank Muscat has taken orders north of $1bn for its new five year Reg S dollar bond on Wednesday, allowing the leads to launch the deal at the tight end of final guidance.

The government of the Emirate of Sharjah priced its $1bn 10 year sukuk issue with no new issue premium on Tuesday — the first deal from its new MTN programme as it moves to become a more regular issuer in the international bond markets, said Tom Koczwara, director of the debt management office.

Abu Dhabi-based Union National Bank has distributed more than 50% of its $500m five year bond outside the Middle East, bucking the recent trend for more locally distributed bonds, according to a banker on the deal.

Emirates Airlines has named leads for its first unsecured bond since 2013, adding the region’s first international non-financial corporate sukuk this year to what has so far been limited supply from the asset class.

Al Ahli Bank of Kuwait is beginning a roadshow to market a dollar Reg S-only perpetual non-call five year additional tier one bond.

Arab Petroleum Investments Corporation (Apicorp) became the second issuer from the Gulf to tap the offshore renminbi market last week, marking a new development in the tool kit with which Middle Eastern borrowers are looking to harness Asian demand, according to a banker with knowledge of the deal.

Oman’s Bank Sohar has successfully closed the syndication of a $300m loan, underwritten by Bank ABC and Commerzbank in December.

Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO).

Arab Petroleum Investments Corporation (Apicorp) became the second issuer from the Gulf to tap the offshore renminbi market this week, making this year already the biggest on record for Gulf renminbi bonds.