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Bond Market News
Most Popular New Dollar Bond Issuers from the Middle East in 2025
July 18, 2025
The Middle East witnessed a strong first half of new bond issuances in 2025 despite market turmoil. According to data from Bloomberg, total USD-denominated issuances from the region exceeded $63 billion during this period across 59 different issuances. Almost $18 billion, representing over a quarter of the total, were in the form of sukuk showing the continued importance and preference for using the Islamic format by issuers in the region.
Leading the pack in terms of top issuers was the Kingdom of Saudi Arabia accounting for a total of $12 billion in new issuances. Within the sukuk segment, Saudi Electricity with $2.75 billion of funds raised stood as the largest.
As a segment, Sovereigns dominated the market followed by corporates and then banks. Egypt and Qatar were among the notable sovereigns tapping the market in addition to the Kingdom of Saudi Arabia.
Eight different banks also accessed the bank capital market with Tier 1 issuances. Al Rajhi Bank came out with the largest of these with a total size of $1.5 billion. This bond is also available in fractional units on BondbloX.
The corporate space saw over a dozen companies tap the market across a variety of industries ranging from the oil and gas segment to telecom, real estate and other diversified industries.
Below, we have compiled a list of the top 25 popular issuers from our universe who accessed the market during this period, along with details of their largest issuance from this period.
| Bond | Issue Date | Amount Outstanding ($mn) | Next Call Date | Bond Rating | Price | YTM | YTC |
| IS Bank 9.125% Perp | 15-Jan-25 | 500 | 15-Jan-30 | B- | 103.6 | 8.1% | 8.1% |
| Egypt 8.625% 2030 | 4-Feb-25 | 1,250 | B | 101.0 | 8.4% | 8.4% | |
| Akbank 7.875% 2035 | 4-Mar-25 | 500 | 4-Jun-30 | B | 99.9 | 7.8% | 7.9% |
| Turkcell 7.650% 2032 | 24-Jan-25 | 500 | 24-Oct-31 | BB- | 102.4 | 7.2% | 7.2% |
| Dar Al-Arkan 7.250% 2030 | 2-Jul-25 | 750 | NR | 100.2 | 7.2% | 7.2% | |
| Bahrain 7.500% 2037 | 7-May-25 | 750 | B+ | 103.1 | 7.1% | 7.1% | |
| Ziraat Bankasi 7.250% 2030 | 4-Feb-25 | 750 | B+ | 100.4 | 7.2% | 7.2% | |
| YapiKredi 7.250% 2030 | 3-Mar-25 | 500 | BB- | 100.4 | 7.1% | 7.1% | |
| Omniyat 8.375% 2028 | 6-May-25 | 500 | BB- | 103.4 | 7.0% | 7.0% | |
| Turkiye 7.125% 2032 | 12-Feb-25 | 2,500 | BB- | 100.3 | 7.1% | 7.1% | |
| Turkey Sukuk 6.750% 2030 | 1-Jul-25 | 2,500 | BB- | 100.4 | 6.7% | 6.7% | |
| Aldar 6.622% 2055 | 15-Jan-25 | 1,000 | 15-Jan-32 | Baa3 | 102.4 | 6.6% | 6.2% |
| CBB Intl 6.250% 2033 | 7-May-25 | 1,750 | NR | 100.3 | 6.2% | 6.2% | |
| RAK Bank 6.625% Perp | 9-Jul-25 | 300 | 9-Jan-31 | NR | 100.4 | 6.0% | 6.5% |
| Al Rajhi 6.250% Perp | 21-Jan-25 | 1,500 | 21-Jul-30 | Baa3 | 100.8 | 5.2% | 6.1% |
| NBK 6.375% Perp | 10-Jul-25 | 800 | 10-Jan-31 | NR | 101.2 | 5.7% | 6.1% |
| Qatar Insurance Co 6.150% Perp | 10-Jul-25 | 500 | 10-Apr-31 | NR | 100.0 | 5.6% | 6.1% |
| Israel 5.625% 2035 | 19-Feb-25 | 2,500 | Baa1 | 100.5 | 5.6% | 5.6% | |
| DPW 5.500% 2035 | 8-May-25 | 1,500 | BBB+ | 101.4 | 5.3% | 5.3% | |
| Saudi Aramco 5.375% 2035 | 2-Jun-25 | 1,250 | 2-Mar-35 | A+ | 100.6 | 5.3% | 5.3% |
| Emirates 5.428% 2030 | 22-Jan-25 | 750 | A+ | 100.8 | 5.2% | 5.2% | |
| ADCB 5.371% 2030 | 26-Feb-25 | 600 | A+ | 100.7 | 5.2% | 5.2% | |
| First Abu Dhabi 5.328% 2030 | 22-Jan-25 | 750 | Aa3 | 100.5 | 5.2% | 5.2% | |
| ADQ 5.000% 2035 | 6-May-25 | 1,000 | 6-Feb-35 | AA | 99.8 | 5.0% | 5.0% |
| Sharjah Islamic Bank 5.200% 2030 | 26-Feb-25 | 500 | NR | 101.5 | 4.8% | 4.8% | |
| Mashreq 5.030% 2030 | 22-Apr-25 | 500 | NR | 101.0 | 4.8% | 4.8% | |
| Saudi Electricity 5.225% 2030 | 18-Feb-25 | 1,500 | Aa3 | 101.9 | 4.8% | 4.8% | |
| Ahli Bank Qatar 4.950% 2030 | 25-Mar-25 | 500 | A2 | 101.2 | 4.7% | 4.7% | |
| Saudi Arabia 5.125% 2028 | 13-Jan-25 | 5,000 | A+ | 101.7 | 4.4% | 4.4% | |
| Qatar 4.500% 2028 | 27-Feb-25 | 1,000 | Aa2 | 101.1 | 4.1% | 4.1% |
Source: BondbloX | Data as of 18 July 25; Amount Outstanding >=$300mn
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