United Arab Emirates
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The Aa2/AA/AA rated Emirate of Abu Dhabi raised $5bn on Tuesday, securing a negative new issue premium on a trade that included the longest ever tenor raised in the Gulf. The inclusion of a 50 year tranche, bankers say, is testament to the borrower's standing as an elite credit. -
The Emirate of Abu Dhabi has appeared in the bond market for the third time this year, and for the third time is seeking a triple tranche deal. It re-opens the CEEMEA market after a brief summer drought.
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The Emirate of Sharjah launched its debut Formosa bond on Tuesday. Experts say the format is gaining more interest from emerging market issuers looking to diversify, while investors beyond the traditional Taiwanese buyers are also taking an interest in the market.
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The Emirate of Sharjah has mandated banks for a dollar Formosa bond. Some say the market is becoming an increasingly popular one for emerging market issuers to tap.
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Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.
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Dubai port logistics operator DP World, tested the boundaries of emerging market investor risk appetite this week as it priced at $1.5bn sukuk hybrid deal.
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The United Arab Emirates’ state-owned oil company, Abu Dhabi National Oil Company (Adnoc), has raised more than $10bn of investment from a consortium of firms in exchange for a stake in select pipelines. This is the second deal in 12 months in which Adnoc has raised international capital by leasing part of its pipeline network.
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Dubai-based port logistics operator DP World is set to test emerging market risk sentiment by a new degree, as it announced investor calls for a hybrid capital bond offering.
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Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.
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First Abu Dhabi Bank bagged Rmb1.4bn ($198m) on Monday from its largest offshore renminbi bond to date.
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First Abu Dhabi Bank (FAB) has decided to call an additional tier one deal, the coupon of which was due to drop in its favour. The move goes against the grain of the borrower's Gulf peers.
