Bahrain
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Abu Dhabi real estate firm has crunched pricing by 25bp so far -
High liquidity in Gulf means more sukuk during May and June
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Only a few issuers will be able to bring deals as investors digest recent glut of issuance amid data and holiday disruption
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Bahrain is planning its first public issue since 2021
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'Hairy' deals risk missing out as investors have tough time keeping up
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Bahrain-headquartered bank the latest emerging market issuer to enter the increasingly busy sukuk market
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Gulf corporates Ooredoo, Nogaholding and Arabian Centres sprung into the bond market this week, defying revived market volatility to raise dollar funding. The string of corporate issuance follows a similar streak from the region’s FIG issuers last week.
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Arab Petroleum Investment Corp — the multilateral development bank — held investor calls on Monday for a bond offering, nine months after its previous dollar outing. Although emerging market SSA issuance has been dominated by low rated, high yielding credits since the start of the year, investment grade issuers will begin to trickle in, bankers say.
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The Kingdom of Bahrain launched a $2bn triple-tranche bond on Wednesday, the second sovereign trade from the Gulf region this year. Both trades have, somewhat unexpectedly, been done by junk-rated governments.
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Turkey and Bahrain took to primary markets to raise bond funding on Tuesday. But the appearance of two high yield credits has not driven unqualified enthusiasm for all borrowers in that asset class.
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