United Arab Emirates
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The Dubai Gold and Commodities Exchange on Monday announced it had launched 44 Indian single stock futures, giving investors exposure to blue-chip companies. -
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Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.
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With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.
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Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.
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The $1.5bn IPO of Emaar Development, the property development unit of Emaar Properties, was covered less than one working day into the bookbuild this week, according to a banker involved.
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Indian single stock futures traded on the Dubai Gold and Commodities Exchange (DGCX) saw record volumes during October, as use of currency derivatives also grew.
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State-owned Abu Dhabi National Oil Co (Adnoc) is expected to sign its debut syndicated loan facility for $6bn with 13 banks next week.
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Oman electrical distribution company Mazoon has opened books on a 10 year sukuk with a chunky premium at mid to high 5%, leading to plenty of investor interest — despite the glut of Middle Eastern trades.
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Dubai Aerospace Enterprise (DAE) Capital has financed an Airbus A320-200 aircraft for Saudi Arabian Airlines’ low-cost carrier ‘flyadeal’ with a loan from Bank ABC.
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Abu Dhabi Crude Oil Pipeline (Adcop) printed a $3.037bn dual tranche debut trade this week, with the quasi sovereign shrugging off background swings in rates to print tight to the Abu Dhabi curve.
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Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co (Adnoc), has launched its $3bn dual trancher on Thursday with coupons set at the tight end of final guidance and books in excess of $11bn. Though an analyst said the levels offered looked fair, he said he was disappointed by the lack of transparency into Adnoc offered by the note.
