The Gulf bond market rally is picking up momentum.
In the week to 26 June, QatarEnergy, Avilease, Emirates NBD, FAB, Dukhan and Burjeel issued a combined $7.5bn of debt, a pretty hefty figure.
Notable among them was UAE healthcare group Burjeel Holdings’ $500 million debut sukuk issuance. It was more than three times oversubscribed, with the orderbook peaking at $1.6 billion.
International investors took 61% of the allocations, led by buyers from the U.K. (34%) and offshore U.S. accounts (24%), highlighting global confidence in Burjeel and the UAE’s capital markets. Gulf investors accounted for the remaining 39%.
Listed on the Abu Dhabi Securities Exchange, Burjeel’s $500 million sukuk marks the opening tranche of a $1.5 billion sukuk program , which was put on hold with the outbreak of the U.S.-Iran war in February.
