United Arab Emirates
-
A burst of mandates on Monday confirmed what many market participants had expected: a rise in emerging market corporate bond supply. -
A flurry of Gulf issuers was on track on Tuesday to securing last minute bond funding, as investor appetite appeared insatiable for emerging market debt amid a rally that may well be curtailed by the impending US Thanksgiving holiday.
-
Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.
-
Etihad Airways issued the first transition sukuk this week, a $600m deal, further burnishing its green credentials after issuing a loan linked to the UN’s Sustainable Development Goals less than a year ago.
-
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.
-
