GCC
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State-owned Kuwait Petroleum Company has raised a syndicated loan from local lenders worth $3.27bn equivalent. The deal is one of the few major financings to take place in the Middle East during the coronavirus pandemic, and comes at a time when Kuwait faces critical economic challenges. -
Crédit Agricole has sold a 4% share stake in Banque Saudi Fransi (BSF) to two unnamed investors for around €330m, ending an association which dates back to 1977.
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The volume of sukuk issues — bonds structured in line with Islamic financing principles — is set to decline this year, despite the market’s best attempts to diversify and become more sustainability-focused.
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Ignitis Grupe, the state-owned Lithuanian energy and utility company, has opened books on its IPO on the Nasdaq Vilinus and London Stock Exchange. The company’s listing will benefit from a framework agreement signed with the European Bank for Reconstruction and Development, under which it will participate in the IPO.
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First Abu Dhabi Bank, the highest rated lender in the Middle East, has mandated bookrunners to lead a perpetual non-call six year additional tier one (AT1) capital issue.
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Qatar’s largest bank, Qatar National Bank (QNB), has raised the country’s first green bond, in a deal that achieved a new issue discount while diversifying and expanding the issuer’s investor base.
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Abu Dhabi National Oil Co sold $1bn worth of shares in Adnoc Distribution, its listed chain of petrol stations and shops, through an institutional placement on Monday night, the largest ever block trade by a listed company from the Gulf Cooperation Council area.
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Two Gulf bank issuers — Qatar National Bank and Gulf International Bank — hit bond markets on Tuesday to raise dollar funds, following what has been a busy period for Middle Eastern issuers. With investor appetite remains ravenous and market conditions healthy, there is scope for further issuance.
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The IPO of BinDawood, the Saudi supermarket operator, has made off to a fast start with banks covering the deal throughout its price range the day it opened books, driven by strong local demand.
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Saudi Electricity Co, which is majority-owned by the kingdom of Saudi Arabia, has raised its debut green sukuk — making it the first green bond ever issued by a Saudi issuer, just months after the Ministry of Finance raised a green export credit agency-backed syndicated loan.
