Middle East

Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit.

Aldar Properties, a real estate company based in Abu Dhabi, needed large orders from lead managers on Tuesday to get to $500m with a seven year sukuk transaction.

Al Khalij Commercial Bank is embarking on a roadshow for a Reg S five year dollar benchmark bond.

Abu Dhabi based real estate company Aldar hit screens on Monday morning with a seven year sukuk, but the deal seems to be relying on heavy support from leads.

Saudi Basic Industries Corporation (Sabic) has selected banks for its first trip to the bond market for five years, angling to refinance a bond maturing next week.

Saudi Electricity Company issued a $2bn dual tranche Sukuk bond on Thursday, an issue which gathered $7bn of demand.

The Banking Association of Turkey has set out a restructuring framework for the country’s banks to cut corporate borrowers some slack over loan repayments and credit availability, as the government and financial sector takes steps to limit the fallout from Turkey’s political and economic crisis.

September has been the busiest month for the Middle East bond market since April, and with the deals so far largely seen as successes, bankers say there is plenty more pent-up deal flow.

Al Ahli Bank of Kuwait revived its AT1 on Wednesday, having postponed the deal following a roadshow in March this year. But a modest deal size priced in the middle of final guidance left bankers away from the deal saying appetite did not look overwhelmingly strong.

Saudi Electric has become the latest issuer from the Middle East to pile into the market this week, releasing guidance for a dual tranche sukuk. Combined books for the note are over $3bn.

Islamic Development Bank printed its $1.3bn five year Reg S sukuk on Wednesday inside its own curve.

The Banking Association of Turkey has set out a restructuring framework for the country’s banks to cut corporate borrowers some slack over loan repayments and credit availability, as the government and financial sector continues to take steps to limit the fallout from Turkey’s political and economic crisis.