Kuwait
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Equate Petrochemicals was on track to print its debut sukuk on Monday. Bankers on the deal said it was likely to print inside where a new conventional bond would come. -
Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday, an accomplishment that bodes well for the busy pipeline of Middle Eastern bonds.
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Sukuk supply looks set to step up in the first half of February, after two Gulf borrowers this week announced plans for roadshows ahead of potential dollar deals in the format.
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Equate Petrochemical Company will meet investors next week ahead of a potential sukuk market debut.
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Equate Petrochemical Company, the Kuwaiti energy firm that made its global bond market debut in October, is on track to become only the second borrower from the jurisdiction to issue in sukuk format.
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Zain Group of Kuwait is refinancing a $500m corporate loan, syndication of which is due to close soon, according to a banker close to the deal.
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Equate Petrochemicals drew orders of $5.5bn for its first dual tranche dollar bond on Thursday. The issuer opted for a two day execution to allow investors plenty of time to win credit approvals and place orders, according to bankers.
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Equate Petrochemicals was on track to sell a dual tranche five and 10 year dollar note on Thursday, talking the bond with ample spread which suggested the issuer is planning a sizeable trade, thought one emerging markets banker.
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The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.
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Equate Petrochemical Company, a US and Kuwaiti joint venture, has picked banks for its debut bond issue and, despite heavy supply from Middle East borrowers, bankers have no doubt demand for the deal will be strong.
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Ahli United Bank Kuwait has opened books on a perpetual dollar sukuk after wrapping up investor meetings on Monday, books were oversubscribed and were due to close on Tuesday, according to leads.
