United Arab Emirates
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DP World has updated price guidance for its new 10 year benchmark sukuk and $200m tap of its 2048s, with order books already a healthy size for both deals. -
DP World is embarking on a roadshow to market a new 10 year benchmark Reg S dollar sukuk. It is also considering long dated Reg S-only dollar funding.
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First Abu Dhabi Bank printed $900m of senior floating rate notes on Thursday, using the format for the second time this year. Although interest rates are expected to fall this year, investors seemed happy to commit funds to the product.
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First Abu Dhabi Bank has courted Taiwanese investors yet again, this time raising $900m from a Formosa bond.
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Rates are low and keep getting lower, so investors are having to turn to higher yielding forms of debt to put their money to work and get a respectable return. Issuers, particularly in the Middle East, are happy to oblige as far as their regulatory capital needs will allow.
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Investment firms BlackRock and KKR have signed a $3.275bn loan to support a pipeline partnership with the United Arab Emirate’s state-owned oil company, Abu Dhabi National Oil Company (Adnoc), according to bankers. The agreement sparked interest among market participants, who expect an increase in public-private partnerships in the Middle East energy industry, some of which are likely to be financed through traditional capital markets. Mariam Meskin reports.
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The order book for Sharjah Islamic Bank’s $500m perpetual non-call six year has exceeded $5bn as investors pile into the first benchmark from the region since the end of May.
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Sharjah-based United Arab Bank (UAB) has raised a $195m loan from a consortium of local and European banks, as borrowers in the region continue to diversify their portfolios with international lenders.
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Emirates National Oil Company (ENOC) has raised a $690m loan from an exclusively Chinese syndicate, a rare event rare for the region.
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Dubai Islamic Bank (DIB) is set to acquire smaller rival Noor Bank after months of consideration. The merger will create one of the region's largest Islamic banks, and adds to a succession of bank tie-ups taking place or under consideration across the Gulf.
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BlackRock, KKR loan for ADNOC 'close to signing' — Uralkali signs as lenders prepare for EuroChem —Redexis joins Spanish trend to ESG borrowing — French Ipsen debuts in US PP market — Turkish banks close refi season, with wider secondaries
