Middle East
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The order book for Islamic Development Bank’s €500m five year sukuk — its debut in euros— has shot past €650m, and the final spread for the note has been set. -
Mubadala Development Company has released initial price guidance for its benchmark 10 year bond at a level that is piquing investor interest, but tightening is expected.
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Bahrain’s Oil and Gas Holding Company (Nogaholding) has released initial price guidance for a dual tranche six year and 10 year bond issue. An investor said he was expecting minimal tightening before pricing.
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The Islamic Development Bank is out with initial price guidance for its debut euro benchmark sukuk — a €500m five year.
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Qatar National Bank has returned to the loan market to refinance a €2.25bn facility, the bank's second stint in the market this year.
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Bahrain’s Oil and Gas Holding Company (Nogaholding) is expected to open books on a dual tranche dollar bond as soon as Wednesday, in the country’s first test of debt markets since the government received $10bn in support from its neighbours.
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Saudi Arabia’s bond debt was the best performing sovereign in its index last week, despite the country's government admitting that a journalist was killed in its Turkish consulate.
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Middle Eastern borrowers are returning to the market in droves, picking up where they left off in September and making up for an underwhelming start to October.
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Türk Ekonomi Bankası (TEB) and İşbank followed Akbank with successful loan refinancings, as Turkish banks pressed on with a robust but pricey refi season, amid the country’s economic and political difficulties.
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Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.
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Commercial Bank of Qatar is refinancing a $1bn loan signed in 2015, in one of the country’s first syndicated loan transactions since the Saudi Arabia-led boycott, which started in June 2017.
