United Arab Emirates
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Books had reached $10bn for Abu Dhabi’s dual tranche offering by mid-morning in London on Monday, but the generosity of the deal has pushed other credits based in the emirate wider, according to two rival bankers. -
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Luxury hotel complex Atlantis the Palm, is syndicating an $850m-equivalent loan to pay for the next stage of development for the five star resort.
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The Dubai Gold and Commodities Exchange (DGCX) is moving forward with plans to broaden its China offering with equity futures for mainland companies. Meanwhile, Bank of China Hong Kong (BoCHK) has received approval to open a branch in Brunei, the first for a Chinese bank.
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The Emirate of Abu Dhabi has mandated three banks to roadshow dollar benchmark, jumping into the market for its first bond since 2009 ahead of up to $20bn of potential sovereign supply from the region this year.
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The $250m loan for Gulf schools operator GEMS Education has been signed with mostly Middle Eastern banks in the syndicate.
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Dubai Islamic Bank priced the year’s first public bond from a Gulf Co-operation Council financial borrower tight to its existing curve on Tuesday thanks to strong demand from regional investors.
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Aabar Investments has signed a €3.6bn loan facility to repay other debt and reduce borrowing costs, with a targeted syndication set to follow.
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Dubai Islamic Bank emerged with the year’s first public deal from a Gulf Co-operation Council financial borrower on Tuesday morning.
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Dubai Islamic Bank is embarking on a roadshow for a senior dollar sukuk, and looks likely to be the first bank from the Gulf Cooperation Council to enter the public bond markets this year.
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Dubai Holding cancelled an opportunistic buyback of its 2017 bonds after bondholders asked for asked for too high a cash price, according to a banker on the deal.
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Aster DM Healthcare is close to sealing a $280m multi-tranche syndicated loan, with three or four lenders already committing to the deal.
