United Arab Emirates

EA Partners II, the structured high yield bonds backed by loans to several airlines which are partners of Etihad, announced a note event of default on Friday, thanks to the low bids it received for loans to Air Berlin and Alitalia, both of which collapsed last year.

Dubai Aerospace Enterprise (DAE) has signed a conventional and Shariah compliant $480m four year revolving credit facility, as the Middle East continues to be the main bright spot in a dour CEEMEA loans market.

NMC Health, the Abu Dhabi-based private hospitals company, had to revise the terms of its debut $450m convertible bond issue downwards on Monday after pushback from investors on the price.

Jamal Al Kishi has been appointed chief country office for the United Arab Emirates and general manager of Deutsche Bank's Dubai (DIFC) branch.

United Arab Emirates based Noor Bank has launched its five year Reg S sukuk at 165bp over mid-swaps, with order books over $1bn, including joint lead manager interest.

Abu Dhabi National Energy Company (Taqa) has opened books on a dual tranche deal, its first since 2016, which bankers say is an encouraging sign that markets are normalising after a choppy week driven by geopolitical risk.

Two Middle Eastern issuers were on track to price sukuk on Wednesday, but Saudi Arabia’s jumbo $11bn bond has cast a shadow over Sharjah Islamic Bank’s trade and led to decreased demand from outside of the region, according to a Dubai-based banker on that deal.

Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.

Dubai’s GEMS Education has closed the syndication of a $1.25bn loan with another five banks joining its deal.

State-owned holding company Investment Corporation of Dubai (ICD) has successfully refinanced a loan maturing in June with a club deal.

After wrapping up investor meetings on Monday, Abu Dhabi Commercial Bank has opened books on a new five year dollar deal, offering around 30bp premium in order to attract investors in a "shakier market.”

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.