United Arab Emirates

The Federal Reserve is losing confidence in the US economy, global economic growth is flagging and Treasury yields are staggeringly low. Emerging market assets, meanwhile, are full of beans, as low rates and healthy risk appetite provide a magic combination for EM companies looking to raise capital. But the Fed is worried for a reason: there’s trouble ahead, write Lewis McLellan and Sam Kerr.

BlackRock and KKR will soon complete raising a $3bn loan to support a pipeline partnership project with Abu Dhabi National Oil Company (ADNOC), according to bankers familiar with the deal.

Dubai’s Emirates NBD is making a quick return to the offshore loan market, inviting banks to bid for an up to $400m term loan.

Banks working on the IPO of Finablr, the financial holding company that owns Travelex, had to reduce the price of the IPO and extended the books to 3pm on Tuesday, in order to price the transaction.

There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.

Rating: —/BBB/BBB

Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.

Abu Dhabi’s sovereign wealth fund, Mubadala, has refinanced a $1.75bn loan, increasing it to $2bn after receiving heavy oversubscription.

Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.

Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have officially merged, and acquired Al Hilal Bank. The merger creates the third largest lender in the United Arab Emirates, and comes amid a boom in banking M&A across the Gulf.

Majid Al Futtaim has picked banks for its first ever green bond, going on the road to promote its new green finance framework to investors.