Middle East Bonds
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Sovereigns have dominated bond issuance in the CEEMEA region this year. But rating agencies expect sovereign downgrades in 2021. -
Etihad Airways issued the first transition sukuk this week, a $600m deal, further burnishing its green credentials after issuing a loan linked to the UN’s Sustainable Development Goals less than a year ago.
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Galaxy Pipeline Assets Bidco, a group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $8bn in a pipeline partnership deal earlier this year, has raised a $4bn triple tranche bond to refinance half of the loan that funded the team-up. The deal is, according to banks, the largest project bond ever raised.
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The Emirate of Sharjah, which last entered markets this June with a Formosa bond, approached investors this week to raise $250m from a tap.
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A sudden rush of deals from Middle East issuers hit the screens this week, giving the region its busiest week since early September.
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Three borrowers in the Middle East are set to come to market for dollar benchmarks this week with a sudden rush of mandate announcements after a quiet few weeks in the region's debt capital markets.
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Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.
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Fiverr International has become of the latest Israeli software company to tap the US convertible bond market for financing during the pandemic, raising $400m.
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The volume of sukuk issues — bonds structured in line with Islamic financing principles — is set to decline this year, despite the market’s best attempts to diversify and become more sustainability-focused.
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First Abu Dhabi Bank, the highest rated lender in the Middle East, has mandated bookrunners to lead a perpetual non-call six year additional tier one (AT1) capital issue.
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