Middle East Bonds
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Frontier markets investment boutique Exotix has lost two senior officials from its Dubai office. Senior executive officer and branch founder Ahmad Alanani is understood to be leaving Exotix while director of credit research Ghassan (Gus) Chehayeb is confirmed as having already left. -
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Dubai issued a $750m 15 year sukuk this week in a drive-by sale that bankers hailed as a smartly executed, well oversubscribed deal that could tempt other issuers to sell long dated sukuk. But even as the deal drew a $2.3bn book and traded firmly in the aftermarket, some investors had misgivings, Dan Alderson writes. For them, the deal was a sign that Dubai’s strong bond rally is nearing its end.
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Abu Dhabi National Energy Company, known as Taqa, sold its first euro note since October 2006 on Thursday.
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Abu Dhabi’s state-owned investment firm Mubadala priced its first international benchmark bond in three years this week, receiving around $5bn in orders for a $750m eight year deal. Debt bankers on and off the deal clashed over the starting point but the bookrunners argued the transaction had successfully allowed Mubadala to maintain a presence in the market, reprice its bond curve and secure its status as a high grade issuer.
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Turkish Finansbank, 77.23% owned by the National Bank of Greece, has picked Citigroup, HSBC, Morgan Stanley and Standard Chartered Bank to run a series of investor calls with international investors on Thursday. A benchmark 144A/Reg S note may follow.
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Saudi Telecom Company, one of the largest phone operators in the Gulf region, looks set to hit the sukuk market with a debut deal. Bankers said it has mandated JP Morgan, Standard Chartered and National Commercial Bank's investment arm NCB Capital to manage the sale.
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Abu Dhabi’s state owned investment firm Mubadala priced its first international benchmark bond in three years this week, receiving around $5bn in orders for a $750m eight year deal. Debt bankers on and off the deal clashed over the starting point. But the bookrunners argued the transaction had successfully allowed Mubadala to maintain a presence in the market, reprice its bond curve and secure its status as a high grade issuer.
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The Dubai government’s $750m sukuk has held its ground on the break above re-offer at 100.05/100.10 after the emirate priced the note inside guidance late on Tuesday.
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Frontier markets investment boutique Exotix has lost two senior officials from its Dubai office.
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Abu Dhabi National Energy Company (Taqa) starts investor meetings on Thursday ahead of a prospective dollar deal. Some of the issuer's bonds trade at a high cash price, meaning a select few deals are the best indicators of Taqa's curve, said bankers on the deal.
