United Arab Emirates
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UniCredit will upgrade its representative office to a branch in Abu Dhabi to focus on transaction banking and financing in euros and dollars. -
Another long-awaited IPO kicked off on Monday when Emaar Properties, the United Arab Emirates (UAE) real estate company, launched the spin-off of its flagship property development business, albeit with a smaller deal size than initially expected.
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Trade & Development Bank (TDB), the eastern and southern African development bank previously known as Preferential Trade Area Bank, is making its debut in the Middle Eastern loan market with a $200m facility.
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Dubai’s Global Education Management Systems (GEMS) Education has mandated four banks to coordinate its $1.2bn loan.
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Abu Dhabi Crude Oil Pipeline (Adcop), a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co. (Adnoc), has named four of the arrangers of its loan to lead bond investor meetings, and those who joined the syndication will be added later.
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Development finance institutions the European Bank for Reconstruction and Development (EBRD) and International Finance Corp have lent €215m to Vetroelektrane Balkana (WEBG) to develop Čibuk 1, the largest wind farm in Serbia and the western Balkans.
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The National Bank of Ras Al Khaimah Rakbank has closed its debut syndicated loan for $350m with 22 banks.
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Unrated issuer, Investment Corporation of Dubai is out with initial price thoughts of 4.15% area on a tap of its $300m 4.625% 2024 bonds, with analysts expecting a tightening of around 10bp in yield terms.
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The United Arab Emirates’ banking system is expected to more than double its credit growth next year, compared with 2017, with stabilising oil prices and international bond issuance set to support funding in the country.
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State-owned Abu Dhabi National Oil Co. (Adnoc) launched a $6bn debut syndicated loan this week after increasing the credit’s size and tightening pricing in response to banks’ hunger for it.
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Two Middle Eastern sovereigns this week showed the depth and breadth investor demand for EM credit this week, one with a high quality jumbo $10bn trade, and the other, junk rated, with a bold 30 year trade that took full advantage of ideal funding conditions.
