United Arab Emirates
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Emirates Airlines has named leads for its first unsecured bond since 2013, adding the region’s first international non-financial corporate sukuk this year to what has so far been limited supply from the asset class. -
State-owned holding company Investment Corp Dubai (ICD) is looking to refinance a loan maturing in June.
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The Government of the Emirate of Sharjah has mandated five banks for a benchmark dollar sukuk — its first note in that market for over two years, though it did sell a Panda bond as recently as last month.
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First Abu Dhabi Bank raised $650m with its market return on Monday, as Gulf Corporation Council financial supply continued with Union National Bank.
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After a three week wait, First Abu Dhabi Bank has deemed the market constructive enough to open books on its new five year sukuk, and had crushed the spread to 4bp over its existing bonds on Monday.
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It could be a clash of the Abu Dhabi banking titans as Abu Dhabi Commercial Bank is updating its MTN programme — a possible precursor to a bond issue — while First Abu Dhabi Bank is poised with a trade.
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Investment holding company Dubai Holding’s telecom business — Emirates International Telecommunications (EIT) — is looking to refinance a previous facility with a Dh2.1bn ($572m) club loan.
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Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.
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First Abu Dhabi Bank will follow Dubai Islamic Bank to the sukuk market as GCC banks look to tap into the enormous pool of Islamic liquidity in the region.
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Dubai Islamic Bank took advantage of a quiet market to raise $1bn with a skinny new issue premium on Tuesday, opening the sukuk market for financial issuers from the Gulf.
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Dubai Islamic Bank on Tuesday launched the first public dollar bond this year from the Middle East, though the region's banks have been busy funding in other markets.
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The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.
