GCC
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The Saudi-headquartered Islamic Development Bank is set to sell a dollar bond on Wednesday, having launched the deal on Tuesday. The sustainability sukuk is one of two FIG deals from the Gulf region this week, as Kuwait’s Boubyan Bank also entered the market for a dollar sukuk. -
A handful of bond mandates from the CEEMEA region this week suggests that issuer confidence may be on the rise across emerging markets after a particularly turbulent period of sell-offs in US Treasury bonds.
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The Islamic Development Bank mandated banks on Monday to arrange a sustainability sukuk, having forayed into the market last year with a Covid-focused deal. Fellow Gulf-based issuer Boubyan Bank has also mandated banks for a dollar sukuk.
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Volatility in global and commodity markets coupled with regulatory challenges are putting pressure on issuers and investors involved in the Sharia-compliant financing market.
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Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has signed a $15bn multi-currency revolving credit facility with a syndicate of 17 international banks. Loan market conditions, participants said, are still attractive for borrowers, despite a drought of deals over the last year.
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Oman's Bank Muscat this week returned to debt markets after a brief hiatus to sell a dollar bond. The deal was one of only a few across CEEMEA this week, as market participants say interest rate volatility is still deterring issuance.
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Modest order books and higher new issue concessions for dollar and euro issues this week showed that emerging markets borrowers are operating in a different market to a month ago, before inflation concerns had brought non-stop volatility to US Treasury markets.
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On Wednesday, the Emirate of Sharjah sold a $1.25bn dual tranche bond. Though the issuer conceded that market conditions were not "perfect", given sustained volatility in US Treasuries, this week’s deal allowed the state to extend its credit curve.
