United Arab Emirates
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Dubai Aerospace Enterprise, the aircraft lessor 96% owned by state-controlled Investment Corp of Dubai, has closed a $720m loan with an international, rather than regional, syndicate, as Gulf borrowers continue to pivot away from local financing.
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Two emerging market borrowers had to postpone deals this week, thanks to volatility in the market. Naftogaz and Emirates NBD have had to put plans for their five year dollar benchmarks on hold. -
UAE-based Bin Butti International Holdings has launched its debut syndicated loan to refinance existing debt worth $500m.
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Emirates NBD is set to return to the dollar market, picking banks for a five year benchmark. The trade will be joined in the market by a dollar bond from UAE-based private healthcare provider.
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Abu Dhabi’s sovereign wealth fund, Mubadala, is targeting the loan market to refinance a $1.75bn facility, amid a busy end-of-year period for the holding company in terms of funding activity.
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FX and equity markets jump as a possible US-China trade deal is back in sight, Chinese president Xi Jinping promises more developments on free-trade zones and a registration-based stock system, and the Dubai International Financial Centre takes action to expand Chinese institutions’ access to the Middle East Africa and South Asia (MEASA).
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Mubadala Development Company printed its $800m 10 year bond on Wednesday, refinancing its tendered 2021s and 2022s and taking a minimal amount of new money in the process. But the new issue premium paid is under debate.
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Mubadala Development Company has released initial price guidance for its benchmark 10 year bond at a level that is piquing investor interest, but tightening is expected.
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Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance.
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Two Middle East credits are on screens for dollar bond, with more in the wings waiting to come to market.
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United Arab Emirates-based National Central Cooling Company (Tabreed) is embarking on a roadshow to market a debut senior unsecured dollar Reg S sukuk.
