United Arab Emirates
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First Abu Dhabi Bank printed its $850m five year sukuk on Tuesday, increasing the deal size from an expected $750m and paving the way for an additional tier one trade from Dubai Islamic Bank on Wednesday. The deals are the first bank trades from the Middle East this year. -
Dubai Islamic Bank finishes the roadshow for its additional tier one bond on Wednesday. The market is eagerly awaiting pricing details and though no call has yet been confirmed, bankers and investors are expecting the bank to redeem its outstanding tier one in March.
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First Abu Dhabi Bank’s five year sukuk benchmark, which has raised a book of $2bn so far, is prompting renewed discussion over fair representation of joint lead manager interest in Middle East bonds.
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Goldman Sachs International conducted business with Lars Windhorst, the colourful German financier, despite warnings from its compliance department that he was a high risk counterparty.
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High hopes for a bumper corporate finance year in Saudi Arabia have been dashed by the pulled Aramco IPO, the blockade of Qatar and the murder of journalist Jamal Khashoggi, writes David Rothnie.
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A Russia euro-denominated bond has taken investors by surprise this week, as emerging markets issuers seem to be taking their last gasps in the bond market this year.
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General Holding Corporation (Senaat), one of the United Arab Emirate’s largest industrial investment holding companies, is embarking on a roadshow. But syndicates away from the deal said the company looks to be entering the market at a tough time for EM bonds.
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Leads on Emirates NBD’s trade are closely watching the market this week for an issuance window for the delayed five year dollar trade, as another Middle Eastern issuer might be testing the market tomorrow.
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Naftogaz and Emirates National Bank of Dubai (ENBD) shelved plans for five year dollar benchmarks this week, thanks to a steep fall in the oil price and what bankers referred to as weak sentiment.
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NMC Healthcare, the London-listed United Arab Emirates healthcare company, made its bond market debut in a week wracked by volatility. But despite the choppy backdrop, NMC’s debut came off smoothly.
