28th May, 2025
- There was a new entrée to the pipeline on Wednesday and it was none other than MDGH Sukuk Limited, rated Aa2 (Moody’s) / AA (S&P) / AA (Fitch) (All Stable), which is out with a USD750mn-1bn bmk Reg S 10yr (Jun-2035) Cat 2 registered Senior Unsecured bond at a final spread of T+60bps, in from the CT10+95bps area IPTs. The deal has attracted over USD3.5bn in demand, excluding JLM interest.
- Mamoura has mandated Abu Dhabi Commercial Bank, First Abu Dhabi Bank, HSBC, J.P. Morgan and Mizuho as Joint Global Coordinators, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Barclays, Crédit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan and Mizuho as Joint Lead Managers and Joint Bookrunners and Emirates NBD Capital and ICBC as Passive Bookrunners.
- The issuer was last in the markets in October 2024, where it landed a USD1bn 5yr sukuk at 4.6%, in 25bps from IPTs on the back of USD2.3bn in final demand.
- Leads have circulated the following comps:
Security | Rating | CCY | Amt (MM) | Mty | B Yld | B G-Spd |
MUBAUH 4.959 04/04/34 | Aa2/NR/AA | USD | 1,000 | 4-Apr-34 | 4.927% | 53 |
ADNOCM 4 3/4 05/06/35 | Aa2/NR/AA | USD | 1,500 | 6-May-35 | 4.923% | 45 |
ADGB 5 04/30/34 | NR/AA/AA | USD | 1,500 | 30-Apr-34 | 4.709% | 31 |
- In addition, Sharjah Islamic Bank PJSC, one of the leading Islamic banks in the UAE, rated A- by S&P (negative outlook) and BBB+ by Fitch (stable outlook), has now gone live with a USD-denominated Reg S PNC6 fixed rate resettable unrated AT1 Capital Sukuk at 6.50% area IPTs. Today’s business. Books have exceeded USD1bn so far, excluding JLM interest.
- SIB has mandated Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.
- SIB was last in the markets also in February, where it priced a USD500m wng from bmk Feb-2030 senior sukuk at 5.3% off the back of over USD1.7bn in final demand.
New Announcements and Market Wrap
- Moreover, Boubyan Bank K.S.C.P., rated A2 by Moody’s, A by S&P and A by Fitch (all with a stable outlook), a leading Islamic bank based in Kuwait and 60.4% owned by National Bank of Kuwait, has arranged a GIC and a series of fixed income investor calls to commence today (May 28). This, to advertise a USD-denominated Reg S 5yr bmk Senior Unsecured Sukuk offering.
- The issuer has mandated Citi, HSBC, and Standard Chartered Bank as Joint Global Coordinators, and alongside, Bank ABC, Boubyan Capital, Dubai Islamic Bank, KFH Capital, KIB Invest, SMBC, The Islamic Corporation for the Development of the Private Sector and Warba Bank as Joint Lead Managers.
- Boubyan bank was last in the markets back in March 2022, where it landed a USD500mn 5yr (Mar-2027) Sukuk at T+100bps, in 15bps from IPTs. The deal attracted over USD800mn in final demand.
Pipeline
Date | Issuer | Ccy | Book Managers | Security | Description | Comps | At Ann. | Today |
27-May | SIB | USD | Arqaam, DIB, ENBDC, FADB, HSBC, Kamco, Mashreq, SCB | Reg S | IPTs: PNC6 Sub AT1 Sukuk at 6.500%a; bk 1bn+ | |||
28-May | Mamoura | USD | ADCB, FADB, HSBC, JPM, Mizuho, ADIB, Barclays, CA, ENBD, ICBC | Reg S | Final spread: 750m-1bn 10yr Sukuk @ T+60; bk 5bn+ | MUBAUH (APR-2034) ADNOCM (MAY-2035) ADGB (APR-2034) | G+53 G+45 G+31 | G+49 G+44 G+24 |
28-May | Boubyan Bank K.S.C.P. | USD | Citi, HSBC, SCB, ABC, BC, DIB, KFH, KIB, SMBC, TICDPS, Warba | Reg S | Inv calls for a 5yr Sukuk |
IGM: Roadshow Calendar – EMEA
- Please click here for the calendar.
Priced Deals Performance
- Saudi Arabian Oil Company, has now sold its first dollar-bond sale of 2025 on Tuesday as the world’s biggest oil exporter looks to leverage its balance sheet. Saudi Aramco has landed a USD5bn three-part Reg S Cat 2 Senior Unsecured tranche as follows:
- USD1.50bn 5yr (Jun-2030) at T+80bps, in from the T+115bps area IPTs.
- USD1.25bn 10yr (Jun-2035) at T+95bps, in from the T+130bps area IPTs.
- USD 2.25bn 30yr (Jun-2055) at T+155bps, in from the T+185bps area IPTs.
- Tuesday’s sale occurred amid a debt spree by the Saudi government and affiliated companies. The kingdom’s debt levels jumped the most ever last quarter as it borrows to help cover an expected budget shortfall resulting from an ambitious economic diversification plan and falling oil prices.
- In addition, Abu Dhabi Commercial Bank PJSC, has now priced a USD600mn 5yr (Jun-2030) Senior Unsecured note in registered form at SOFR+100bps, unchanged from guidance.
RECENT USD DEALS
Date | Issuer | Ccy | Amount (m) | Coupon | Maturity | Yield | Spread | IPTS to Pxd | Book size (m) | Coverage | NICs |
27-May | Abu Dhabi Commercial Bank PJSC | USD | 600 | SOFR+100 | 10-06-2030 | 0.0 | |||||
27-May | Saudi Arabian Oil Company | USD | 1500 | 4.750 | 02-06-2030 | 4.833 | T+80 | -35.0 | |||
27-May | Saudi Arabian Oil Company | USD | 1250 | 5.375 | 02-06-2035 | 5.394 | T+95 | -35.0 | |||
27-May | Saudi Arabian Oil Company | USD | 2250 | 6.375 | 02-06-2055 | 6.509 | T+155 | -30.0 | |||
21-May | Republic of Turkey | USD | 2000 | 7.250 | 29-05-2032 | 7.450 | T+308.4 | -30.0 | 15 | ||
21-May | MAR Finance LLC | USD | 500 | 4.875 | 29-05-2030 | 4.916 | T+80 | -40.0 | |||
21-May | Endeavour Mining | USD | 500 | 7.000 | 5NC2 | 7.250 | -50.0 | ||||
20-May | Alinma Bank | USD | 500 | 6.500 | PNC5.5 | 6.500 | T+236 | -50.0 | 1750 | 3.50 | 0 |
20-May | Teva Pharmaceuticals | USD | 700 | 5.750 | 01-12-2030 | 5.875 | T+181 | -12.5 | |||
20-May | Teva Pharmaceuticals | USD | 500 | 6.000 | 01-12-2032 | 6.125 | T+186 | -12.5 | |||
15-May | BAB USD AT1 Sukuk Ltd | USD | 650 | 6.500 | PNC5.5 | 6.000 | T+239.5 | -25.0 | 2500 | 3.85 | |
14-May | SAB AT1 Limited | USD | 650 | 6.500 | PNC5.5 | 6.500 | -37.5 | 1100 | 1.69 | 10 | |
14-May | Masdar | USD | 500 | 4.875 | 21-05-2030 | 4.949 | T+80 | -35.0 | 3300 | 6.60 | 15 |
14-May | Masdar | USD | 500 | 5.375 | 21-05-2035 | 5.422 | T+90 | -35.0 | 3300 | 6.60 | 15 |
14-May | Cimko | USD | 300 | 10.750 | 5NC2 | 11.000 | 0.0 | 425 | 1.42 |
RECENT EUR DEALS
Date | Issuer | Ccy | Amount (m) | Coupon | Maturity | Yield | Spread | IPTS to Pxd | Book size (m) | Coverage | NICs |
21-May | Hungarian Dev Bank MFB | EUR | 1000 | 4.375 | 27-06-2030 | 4.435 | M+215 | -35.0 | 3700 | 3.70 | |
21-May | Ceske Drahy | EUR | 500 | 3.750 | 28-07-2030 | 3.841 | M+155 | -45.0 | 3000 | 6.00 | |
21-May | J&T Banka | EUR | 300 | 4.500 | 6NC5 | 4.536 | G+225 | -25.0 | 760 | 2.53 | |
21-May | AfDB | EUR | 1000 | 2.500 | 29-05-2030 | 2.558 | M+28 | -2.0 | 2200 | 2.20 | 0 |
20-May | Teva Pharmaceuticals | EUR | 1000 | 4.125 | 01-06-2031 | 4.250 | G+199 | -37.5 | |||
20-May | Tatra Banka | EUR | 500 | 2.750 | 27-05-2030 | 2.756 | M+50 | -5.0 | 790 | 1.58 | 2 |
14-May | Republic of Latvia | EUR | 1000 | 2.875 | 21-05-2030 | 2.971 | M+65 | -15.0 | 3000 | 3.00 | 0 |
14-May | Raiffeisenbank Austria d.d. (Croatia) | EUR | 300 | 3.625 | 4NC3 | 3.651 | M+150 | -40.0 | 1500 | 5.00 | |
13-May | OTP Banka d.d | EUR | 300 | 3.500 | 3NC2 | 3.605 | M+155 | -45.0 | 1900 | 6.33 | |
13-May | VUB Banka | EUR | 500 | 3.000 | 20-05-2032 | 3.043 | M+60 | -7.0 | 1300 | 2.60 | 2 |
12-May | Energo-Pro as | EUR | 700 | 8.000 | 29-05-2030 | 8.000 | -50.0 | 1800 | 2.57 |
OTHER RECENT DEALS
Date | Issuer | Ccy | Amount (m) | Coupon | Maturity | Yield | Spread | IPTS to Pxd | Book size (m) | Coverage | NICs |
15-May | FAB | USD | 750 | SOFR+97 | 27-05-2030 | SOFR+97 | -3.00 | ||||
28-Mar | Afreximbank | CNY | 2200 | 2.990 | 01-04-2028 | 2.990 | -1.00 | 2210 | 1.00 | ||
27-Mar | Ivory Coast | XOF | 220000 | 6.875 | 01-04-2028 | 7.625 | -12.50 | 280000 | 1.27 | ||
4-Mar | European Investment Bank | PLN | 500 | 5.250 | 24-01-2031 | 5.623 | |||||
5-Feb | AfDB | AUD | 500 | 4.300 | 13-02-2030 | 4.304 | ASW+50 | 0.00 | 840 | 1.68 |
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