Middle East
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Dubai headquartered DP World on Tuesday sold the largest bond from the Middle East so far this autumn — a quadruple tranche multi-currency bond — but supply from the region is still lower than bankers have been expecting. -
The National Bank of Oman hit screens on Tuesday, raising $500m of five year paper in a market still hungry for more Middle Eastern supply.
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The Islamic Development Bank’s five year sukuk trade appears to be meeting with a warm response, allowing the leads to pull in the spread by several basis points.
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The Middle East is continuing its domination of the CEEMEA primary market and even the Latin America new issue market is starting to see some action as a run of successful bonds in the last fortnight is helping to bolster investor confidence.
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When the mandates for DP World’s four tranches of bonds were put on screen this week, the market was shown a different, and GlobalCapital believes better, way of mandating banks for multi-currency, multi-product type bonds.
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Dubai headquartered ports authority DP World is guiding the market for a 10 year dollar sukuk, a 30 year 144A/Reg S dollar bond, an eight year 144A/Reg S euro bond and a 12 year sterling bond.
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National Bank of Oman will sell a new five year benchmark on Tuesday, following a tender offer completed on Monday.
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The Islamic Development Bank has announced a five year sukuk benchmark in dollars, which leads expect to price on Wednesday.
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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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