Middle East

  • Israel’s Delek steams ahead with $2.25bn trade

    Israel’s Delek steams ahead with $2.25bn trade

    Israeli energy company, Delek Drilling, is set to launch a $2.25bn bond sale this week to support the expansion of its gas fields in the Mediterranean Sea, according to market sources.

  • GLP, FAB take on more renminbi debt

    GLP, FAB take on more renminbi debt

    GLP and First Abu Dhabi Bank both tapped investors in the renminbi bond market on Thursday. The Singapore-based logistics facilities provider took Rmb200m ($28.6m) from a Panda while the Middle Eastern firm headed to the Formosa market.

  • Saudi signs green ECA loan, other sovs to take note

    Saudi signs green ECA loan, other sovs to take note

    Saudi Arabia has secured its inaugural green loan backed by an export credit agency (ECA). The deal, which is the first of its kind in the region, may have a domino effect on other sovereigns in the Gulf, said bankers.

  • Kuwait edges closer to bond as options run out

    Kuwait edges closer to bond as options run out

    Gulf sovereigns are set to raise record levels of debt this year thanks to the double shock of Covid-19 and an oil price slump, but one name is on investors lips: Kuwait. Instead of relying on shrinking reserves, the sovereign, which has not printed since its international bond debut in 2017, is expected to pass a parliamentary law increasing its debt ceiling, according to experts.

  • Sharjah goes long as Formosa trades prove fertile for EM issuers

    Sharjah goes long as Formosa trades prove fertile for EM issuers

    The Emirate of Sharjah launched its debut Formosa bond on Tuesday. Experts say the format is gaining more interest from emerging market issuers looking to diversify, while investors beyond the traditional Taiwanese buyers are also taking an interest in the market.

  • Sharjah mandates for Formosa trade

    Sharjah mandates for Formosa trade

    The Emirate of Sharjah has mandated banks for a dollar Formosa bond. Some say the market is becoming an increasingly popular one for emerging market issuers to tap.

  • Oman approaches lenders for cash but banks wary of junk risk

    Oman approaches lenders for cash but banks wary of junk risk

    Oman, one of only two junk-rated sovereigns in the Gulf region, is tapping lenders for up to $2bn, as some say it could not find the right conditions in the bond market. According to bankers familiar with the deal, credit risk considerations are foremost and the sovereign will have to pay up to borrow.

  • Emirates NBD secures $750m AT1 in EM FIG resurgence

    Emirates NBD secures $750m AT1 in EM FIG resurgence

    Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.

Middle East News Archive