Middle East Bonds
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Citi will not work on Sharjah Islamic Bank’s upcoming bond deal after initially being named on the mandate. The bank could not reach an agreement with the issuer regarding its role on the deal, according to two sources.
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Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank. -
National Bank of Abu Dhabi (NBAD) is preparing to issue the first green bond from the Middle East, marking an important step in the development of sustainable bond issuance from the region, even if follow up issuance will be slow to materialise, writes Virginia Furness.
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Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to a Saudi Arabia mandate, the deals are expected to be timed to avoid collision.
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National Bank of Abu Dhabi (NBAD) is set to hit the road for the Middle East’s first ever green bond, planting a flag in the sand for sustainable bond issuance from the region.
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Sharjah Islamic Bank has mandated three international banks, as well as several local banks, to arrange a senior dollar sukuk transaction.
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Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.
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Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to the Saudi Arabia mandate, the deals are expected to be timed to avoid collision.
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HSBC has let go of a DCM banker who had spent over a decade with the bank, according to market sources.
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A string of Middle East issuers is expected in the Formosa market over the next 12 months, according to a DCM banker in Dubai, who added that investors are keen to look at corporates from the region as well as banks.
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Emirates NBD has printed a $500m 3.5 year Formosa private placement, marking a further opening of this market to Middle East issuers.
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Emirati holding company Majid Al Futtaim (MAF) printed a $300m opportunistic tap of its May 2024s on Monday to reopen the Gulf Corporation Council bond market after Ramadan.
