United Arab Emirates

NMC Health, the scandal-hit UAE-based hospitals operator, has $2.7bn in undisclosed debt, taking its total gross debt to around $5bn, and an investigation into its finances has found evidence of serious fraud.

Dubai Islamic Bank, which began roadshows over a week ago for a senior unsecured sukuk, has postponed the deal as a result of the Covid-19 virus, according to bankers near the deal. The spread of the virus has caused sharp swings in global markets, causing havoc in primary markets.

Shares in NMC Health, the London-listed United Arab Emirates hospitals operator, have been suspended. Its convertible bonds have fallen to around 50 cents on the dollar, after the Financial Conduct Authority (FCA) placed it under investigation and the company fired its chief executive.

Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.

First Abu Dhabi Bank capped a productive week for both itself and GCC issuers on Wednesday as it sold a £450m three year bond to sterling investors who were raring to diversify their holdings.

US buyout group KKR has said it will not make a bid for the beleaguered UAE healthcare company NMC Health, dampening investor hopes of a rescue buyout and sending its shares and convertible bonds lower.

Emirates NBD Bank pulled in demand five times the size of its benchmark dollar bond on Monday, showing little sign of that wider market concerns about the coronavirus outbreak were having any effect on emerging market bonds.

First Abu Dhabi Bank (FAB) issued its first post-merger Kangaroo bond on Tuesday, raising A$350m ($234.9m) — becoming the first Middle Eastern bank to tap the market in two years.

First Abu Dhabi Bank (FAB) is ready to hop into the Kangaroo market this week, having mandated a pair of banks to lead a potential five year Aussie dollar deal, offering an attractive spread.

Shares in NMC Health, the beleaguered UAE healthcare company, surged as much as 18% on Monday morning after it said it had received takeover approaches from buyout firms KKR and GK Investment.

First Abu Dhabi Bank signalled its intention to tap the sterling bond market on Monday, announcing investor calls for a short dated offering.

Qatar National Bank returned to the euro market for the first time since March 2018 this week, while there was also an unusual outing in Saudi riyal as Emirates NBD made its debut in the currency — the first from a non-Saudi issuer since 2018.