United Arab Emirates
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Holders of the defaulted EA Partners bonds claim that Etihad Airways and Abu Dhabi gave them implicit guarantees for the notes, which were issued to fund other troubled airlines. The bondholders, backed by restructuring advisers and corporate sleuths, are buckling up for a battle for their money. Karoliina Liimatainen reports. -
United Arab Emirates aircraft lessor Dubai Aerospace Enterprise has raised $490m in loans, its third syndicated loan in the last 12 months.
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Emirates NBD, a Dubai-based bank, has closed its dual-tranche loan at $500m with 15 lenders, increasing it from an initial size of $400m.
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Bank of Sharjah is planning to print both tier one and senior bonds before the end of 2019, according to two DCM bankers in Dubai.
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Dubai's biggest bank, Emirates NBD, has completed its acquisition of Turkey's DenizBank from Sberbank as the binge of bank mergers in the Gulf continues.
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GEMS Education came to the market on Tuesday with a pair of seven year senior secured bonds. The issues form part of a larger debt package being raised to support private equity firm CVC Capital Partners purchase a minority stake in the Dubai-headquartered education provider.
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An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.
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The Emirates Strategic Investment Corp made its bond market debut on Tuesday, launching a $600m five year sukuk into a six times subscribed order book.
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Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.
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The Middle East is regaining its position as the core source of emerging markets issuance after a brief lull in June. Emirates Strategic Investments Company (ESIC) has announced a roadshow for its first dollar sukuk.
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DP World on Thursday launched a new $1bn 10 year sukuk and $300m tap of its $1bn 5.625% September 2048s, both with negative new issue premiums.
