Middle East

Dubai-based developer Majid Al Futtaim printed its third hybrid bond on Tuesday, a $400m perpetual non-call eight year. In the absence of a strong Asian bid, real money European investors anchored the book.

Abu Dhabi Commercial Bank has named leads for its first publicly distributed dollar bond for three years.

Yapi Kredi printed its $500m five year senior bond on Monday with a new issue premium of 20bp-25bp — a hefty but necessary concession, vindicated by the deal trading around re-offer on Tuesday.

Qatar National Bank has printed two dim sum bonds through JP Morgan, a bank whose commitment to Qatari issuers has been under scrutiny since the Middle East diplomatic crisis erupted in June 2017.

Dar Al Arkan has released initial price guidance for its dollar benchmark sukuk.

Yapi Kredi shrugged off last Friday’s downgrade by Moody’s and was well on its way to selling a new five year senior bond on Monday morning, having started around 40bp back of fair value, according to a lead manager.

Dubai based developer Majid Al Futtaim has launched a tender offer and new issue in order to optimise the cost of its hybrid capital and balance sheet structure.

Vakifbank has privately placed its third Turkish lira denominated covered bond to international investment banks. The deals, which provided competitive long-term funding and came in response to onerous swaps market regulation, are likely to be mimicked by Turkey’s other main lenders.

Islamic Development Bank released price guidance for its dollar benchmark sukuk on Wednesday and leads are expecting to price the note on Thursday.

Dar Al Arkan Real Estate Development Company has mandated eight banks to arrange a dollar benchmark five year sukuk.

Bank Muscat cut through a weaker market to raise $500m with a new five year senior bond which “all things considered went really well,” and landed flat to where a new Omani sovereign five year would come, according to a banker on the deal.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.