Middle East Bonds
-
Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever. -
-
Arab Petroleum Investment Corp — the multilateral development bank headquartered in Saudi Arabia — on Wednesday sold a dollar bond after a week of roadshows. The start of the week has proven fruitful for Middle East banks, as bankers say issuers are steaming on despite volatility in the US rates market.
-
Market participants have high expectations for Middle East bond issuance in the first quarter of the year. So far, a range of issuers from across the credit spectrum have entered markets, despite global market volatility.
-
First Abu Dhabi Bank, the United Arab Emirates’ largest bank, came to market to sell a sterling bond on Tuesday, having already issued a number of deals since the start of the year.
-
First Abu Dhabi Bank issued a Sfr260m ($293m) six year bond this week, the first Swiss franc green bond from the Middle East.
-
Oman Electricity Transmission Company, a partially state-owned utility company, entered the market on Wednesday for a dollar bond, just two weeks after the high yielding sovereign raised a dollar offering.
-
Arab Petroleum Investment Corp — the multilateral development bank — held investor calls on Monday for a bond offering, nine months after its previous dollar outing. Although emerging market SSA issuance has been dominated by low rated, high yielding credits since the start of the year, investment grade issuers will begin to trickle in, bankers say.
-
Qatar National Bank, a frequent issuer in the offshore renminbi bond market, has sold its first deal of the year in the currency, raising Rmb1.5bn ($232m).
-
-
Saudi Arabia’s National Commercial Bank sold an additional tier one bond this week. Some see the trade from the kingdom’s largest financial institution as a prelude to a bond sale by the sovereign, which could happen next week.
