UAE issuers up the ante in EM with negative new issue premiums

By Francesca Young
01 May 2014

Abu Dhabi National Energy Co (Taqa) and Dubai shopping mall firm Majid Al Futtaim this week showcased the strong demand for emerging markets — at least outside of Russia and Ukraine — when they and hit their target bond sizes with ease and also managed to crunch pricing of their new debt to inside their own curves.

Syndicate officials said that demand for Middle Eastern credits has been good as investors rotate money out of Russia and into the rest of CEEMEA, and that there has also been a lack of supply from this region so far this year. 

Only $5.6bn of bonds from the UAE ...

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