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