Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
The company has enjoyed two rating upgrades since its last sukuk issuance
Some price discovery needed due to sukuk format and long tenor
Oil giant's bonds were priced no more than 15bp over the sovereign's curve
The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
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Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market. -
Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.
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The National Bank of Oman (NBO) has closed a $300m syndicated loan, arranged by regional lenders. The loan was oversubscribed, revealing a reasonable amount of international demand for Omani debt despite a year of ratings downgrades and project postponements.
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The Emirate of Abu Dhabi ended a two year absence from capital markets on Monday with a triple trancher, mirroring the tenors it used in its last trip to the market in 2017.
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DP World, the company responsible for operating Dubai’s ports, is buying back two of its outstanding bonds, becoming the fifth EM borrower to do so in September.
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Challenges are rife across the banking industry in the Gulf. As banks struggle to keep up with technological innovation and the growth of foreign competition, domestic players told GlobalCapital what needs to be done to combat these existential threats.
