United Arab Emirates
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Abu Dhabi Commercial Bank is raising a $300m new money loan from Asian lenders to tap a previously unused source of funding. -
Union National Bank of the UAE nipped into the primary market a $600m bond on Wednesday, well ahead of competing supply, paying a skinny, if any, new issue premium.
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Books were nearly $2bn for the UAE's Union National Bank’s return to the markets on Wednesday With issuance from UAE banks limited thus far, the 20bp-25bp starting premium offered good value, according to one EM banker.
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Renminbi adoption has surged in the United Arab Emirates while lagging behind in the Eurozone, according to the latest data by the Society for Worldwide Interbank Financial Telecommunication (Swift). The Chinese authorities also seem ready to increase RMB connectivity with the Middle East through a number of new initiatives.
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Union National Bank (UNB) has announced plans to return to the dollar bond market after an absence of nearly two years.
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National Bank of Abu Dhabi (NBAD) is still in talks with investors about a possible green bond, according to the lead managers, despite rumours that the planned deal will not go ahead due to disputes over pricing.
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International lenders are bidding to arrange the $2.9bn deal for the Dubai Metro 2020 project, over $1bn of which will be a commercial loan which does not have a guarantee.
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Emaar Properties made a triumphant return to the sukuk market on Wednesday with a tightly priced 10 year dollar bond.
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Burgan Bank set price guidance for its dollar market debut on Wednesday morning after amassing more than $1bn of orders.
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Gulf supply remained the dominant theme in CEEMEA bonds again this week as markets reopened in buoyant mood after Monday’s US holiday.
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Bond supply from the Gulf Co-operation Council (GCC) region could resume as early as Tuesday as bankers reported positive feedback from two sets of investor meetings.
