United Arab Emirates
-
Galaxy Pipeline Assets Bidco, a group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $8bn in a pipeline partnership deal earlier this year, has raised a $4bn triple tranche bond to refinance half of the loan that funded the team-up. The deal is, according to banks, the largest project bond ever raised. -
The Emirate of Sharjah, which last entered markets this June with a Formosa bond, approached investors this week to raise $250m from a tap.
-
Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.
-
Sharjah Electricity & Water Authority (SEWA), a state-owned firm in the United Arab Emirates, is making a rare appearance in the Asian syndicated loan market with a $250m borrowing.
-
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.
-
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.
-
-
Dubai, Ahli Bank and Sabic proved that the Gulf remains one of the most attractive of the emerging markets, with all three issuing dollar bonds this week.
-
The Emirate of Dubai surpassed expectations on its return to the bond market six years after its last issuance, with the sukuk tranche of its dual trade gaining notable traction. The borrower is the third Emirate to enter debt markets since the coronavirus crisis began.
-
Following a trailblazing issuance from Abu Dhabi last week, the Emirate of Dubai has mandated banks to arrange a dual tranche offering, including a sukuk — its first international DCM outing since 2014. Qatar’s Ahli Bank was also in the market on Tuesday, launching a benchmark dollar bond.
-
Abu Dhabi brought the CEEMEA debt market out of holiday mode this week by stunning investors with a new 50 year bond — the longest ever seen in the Gulf. The deal not only cemented Abu Dhabi's standing as a top-tier credit on a level with developed market sovereigns, it also raised expectations for a flurry of longer-dated issuance from states across the Gulf region. Mariam Meskin reports.
