United Arab Emirates
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Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin. -
The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility of Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.
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Abu Dhabi’s national energy company Taqa is looking to issue a new bond to refinance $500m of debt due in October.
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First Abu Dhabi Bank’s head of loan distribution Steve Perry has left the bank, five months after he joined the capital markets team as part of First Gulf Bank and National Abu Dhabi Bank’s merger.
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HSBC has named a new head of DCM in Dubai, GlobalCapital understands.
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The National Bank of Ras Al-Khaimah (Rakbank) launched its first syndicated loan on Tuesday for $250m with a three year tenor.
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Dubai’s state-owned energy group Emirates National Oil Co (Enoc) has secured a $500m revolving credit facility from a club of seven banks to fund its growth plans for Dubai's coming Expo 2020.
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Dana Gas on Monday shelved an exchange offer to investors in favour of litigation, which the company warns could take 10 years to resolve, after members of an ad hoc committee of bondholders repeatedly refused to engage with the issuer.
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Abu Dhabi National Oil Co (Adnoc) is in talks with international and Middle Eastern banks about a syndicated loan of up to $5bn, which is understood to be very tightly priced.
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The Dubai Gold and Commodities Exchange (DGCX) and its connected clearing service were granted “remote recognition status” by Abu Dhabi Global Market (ADGM) regulators on Sunday.
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Dominance in one of its operational markets enabled Topaz Marine to raise $375m of five year money on Wednesday despite coming from what the leads acknowledge to be a ‘tough sector.’
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Topaz Marine was marketing the first Gulf Co-operation Council-domiciled (GCC) credit since May on Wednesday morning, but the credit is no barometer for appetite Gulf names in the wake of the Qatar crisis, said investors.
