United Arab Emirates
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The Emirate of Abu Dhabi took full advantage of a ready and willing investor base on Tuesday looking for high quality emerging markets to buy in the coronavirus pandemic, driving down pricing on a triple tranche tap to levels that leads saw as 5bp inside the issuer's own curve. -
The Emirate of Abu Dhabi made a swift return to bond markets on Tuesday just six weeks after it printed a $7bn triple tranche trade, tapping that same deal.
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Mamoura Diversified Global Holdings took full advantage of fast-building momentum behind Gulf issuers on Tuesday, when it printed a $4bn triple tranche trade that won $23bn of orders.
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NMC Health, the scandal-hit UAE hospitals operator, has been delisted from the London Stock Exchange, after it was placed into administration by the UK High Court earlier this month following an application by creditors led by Abu Dhabi Commercial Bank. Equity capital markets sources reflect on the shocking saga.
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The State of Qatar and the Emirate of Abu Dhabi looked to sell bonds this week in the wake of extreme oil price volatility that has left commodity exporters with fragile fiscal positions.
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The top tier of emerging markets sovereigns are cramming into this week’s issuance window, as Abu Dhabi followed Qatar’s Tuesday blowout with a triple tranche bond deal of its own.
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London-listed UAE payments company Network International has refinanced an existing loan, raising $525m from regional and international lenders.
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NMC Health’s $360m convertible bonds are trading at mere cents on the dollar, suggesting virtually no recovery value after the scandal-hit UAE hospitals group said on Tuesday it had discovered even more undisclosed debt.
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Finablr’s shares have been suspended and the company has warned that it may go out of business just ten months after ts IPO.
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Finablr, the parent company of Travelex, has issued a warning that it may struggle to access financing due to the impact of the Covid-19 coronavirus and its association with NMC Health, causing its share price to slump to a record low.
