United Arab Emirates

Two Middle Eastern issuers were on track to price sukuk on Wednesday, but Saudi Arabia’s jumbo $11bn bond has cast a shadow over Sharjah Islamic Bank’s trade and led to decreased demand from outside of the region, according to a Dubai-based banker on that deal.

Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.

Dubai’s GEMS Education has closed the syndication of a $1.25bn loan with another five banks joining its deal.

State-owned holding company Investment Corporation of Dubai (ICD) has successfully refinanced a loan maturing in June with a club deal.

After wrapping up investor meetings on Monday, Abu Dhabi Commercial Bank has opened books on a new five year dollar deal, offering around 30bp premium in order to attract investors in a "shakier market.”

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

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.

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.

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.