United Arab Emirates

Etihad Airways has signed a €100m loan linked to the UN’s Sustainable Development Goals. The deal is one of the latest ESG-linked financings signed in the Middle East, which is developing an appetite for sustainability-linked debt.

Equity-linked bond investors were left hurting again this week after bonds and shares in NMC Healthcare, the London-listed Emirati private healthcare business, were hit by accusations of fraud by short seller Muddy Waters. This is another painful episode for the convertible bond market after its troubles with Wirecard earlier in 2019, and an earlier scandal at Steinhoff International.

Shares in NMC Health, the London-listed Emirati private healthcare business, plunged more than 20% on Tuesday morning after US activist short seller Muddy Waters said it had grave concerns about the company’s balance sheet and financial statements, hitting the firm's convertible bonds.

State-owned airline Dubai Aviation Corporation, known as flydubai, has refinanced its debut sukuk into a term loan — a rare win this year for the loan market, which has declined while attractive issuance conditions boost DCM volumes.

Intercontinental Exchange on Monday announced that it will launch a new trading venue in Abu Dhabi to offer futures contracts referencing Murban crude oil.

Abu Dhabi will launch a futures contract for its state-owned oil company’s onshore crude oil product in 2020, after a decision this week by the country's petroleum regulator.

Guarantor: Mamoura Diversified Global Holdings

Mamoura Diversified Global Holdings attracted demand from across the planet on Tuesday as it structured a triple tranche trade that allowed Taiwanese bids to flow to its 30 year bond.

Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.

Mamoura Diversified Global Holdings (formerly Mubadala Development Company) has released initial price guidance for its dollar triple trancher at levels a rival syndicate official said looked fair, and included another 30 year bond from the region in just over a month.

Majid Al Futtaim, the Middle Eastern shopping mall developer, came to market on Wednesday for a Reg S long 10 year sukuk, one day after Saudia Arabia won a $13bn order book for its own deal in the format.

Middle Eastern shopping mall developer Majid Al Futtaim is holding investor calls this week as it eyes another green sukuk deal.