United Arab Emirates

Emirates Airlines has set the yield for its benchmark sukuk at a level representing a negative new issue premium, according to a banker on the deal.

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.

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.

Abu Dhabi-based Union National Bank has distributed more than 50% of its $500m five year bond outside the Middle East, bucking the recent trend for more locally distributed bonds, according to a banker on the deal.

The government of the Emirate of Sharjah priced its $1bn 10 year sukuk issue with no new issue premium on Tuesday — the first deal from its new MTN programme as it moves to become a more regular issuer in the international bond markets, said Tom Koczwara, director of the debt management office.

Emirates Airlines has named leads for its first unsecured bond since 2013, adding the region’s first international non-financial corporate sukuk this year to what has so far been limited supply from the asset class.

State-owned holding company Investment Corp Dubai (ICD) is looking to refinance a loan maturing in June.

The Government of the Emirate of Sharjah has mandated five banks for a benchmark dollar sukuk — its first note in that market for over two years, though it did sell a Panda bond as recently as last month.

First Abu Dhabi Bank raised $650m with its market return on Monday, as Gulf Corporation Council financial supply continued with Union National Bank.

After a three week wait, First Abu Dhabi Bank has deemed the market constructive enough to open books on its new five year sukuk, and had crushed the spread to 4bp over its existing bonds on Monday.

It could be a clash of the Abu Dhabi banking titans as Abu Dhabi Commercial Bank is updating its MTN programme — a possible precursor to a bond issue — while First Abu Dhabi Bank is poised with a trade.