Middle East
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First Abu Dhabi Bank (FAB) printed its $850m five year sukuk on Tuesday, becoming the first bank to sell an international sukuk intraday. -
The Turkish Central Bank kept interest rates unchanged at its meeting on Wednesday – a great relief to investors who feared the country might make another monetary policy misstep.
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First Abu Dhabi Bank printed its $850m five year sukuk on Tuesday, increasing the deal size from an expected $750m and paving the way for an additional tier one trade from Dubai Islamic Bank on Wednesday. The deals are the first bank trades from the Middle East this year.
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Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.
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Dubai Islamic Bank finishes the roadshow for its additional tier one bond on Wednesday. The market is eagerly awaiting pricing details and though no call has yet been confirmed, bankers and investors are expecting the bank to redeem its outstanding tier one in March.
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First Abu Dhabi Bank’s five year sukuk benchmark, which has raised a book of $2bn so far, is prompting renewed discussion over fair representation of joint lead manager interest in Middle East bonds.
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No emerging markets issuer has yet hit screens this week to capitalise on the exceptional momentum of last week’s market.
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Confidence is sweeping through the CEEMEA bond market as huge volumes for some of 2018’s most maligned issuers have pushed volumes up to record breaking levels for the first fortnight of a year. But despite the strong start, some bankers are concerned that the difficulties of last year are a whisker away from making a comeback. Francesca Young, Lewis McLellan and Sam Kerr report.
