Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Investors are still showing big demand for the Dubai real estate firm's sukuk despite two sell-offs in a year
Wider currency mix helped meet demand for high grade paper with attractive yields from the region
The company has enjoyed two rating upgrades since its last sukuk issuance
Some price discovery needed due to sukuk format and long tenor
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First Abu Dhabi Bank has printed two sterling private placements in the last week — the most recent Tuesday morning’s £120m note through JP Morgan — adding to a flurry of sterling trades from the Middle East. -
The United Arab Emirate's largest Islamic bank, Dubai Islamic Bank (DIB), is considering buying its smaller rival Noor Bank, according to bankers. The purchase would add to the string of M&A deals Gulf banks have pursued in the last two years, prompted by tougher regulation and a drop in oil prices.
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Bank are having to dig deep and increase their country lending limits to manage the vast amount of business expected to come from the Gulf as government expenditure across the region grows. The next big deal off the rank will be from Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), which is expected to tap the loan market for a bridge loan of up to $11bn in coming months, bankers said, following its highly successful debut deal in September. Mariam Meskin reports.
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Dubai-based property firm Damac has raised £175m to finance the development of its first luxury real estate project in London, Damac Tower. The deal comes amid prolonged Brexit uncertainty and a slump in the UAE’s real estate market.
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Saudi Aramco might have expected a $12bn bond it issued on Tuesday to be hailed as a triumph, coming as it did well inside its sovereign curve after taking orders that at one point reached $100bn. But after pricing, the demand evaporated, the bonds fell below reoffer, and the notion that the European Market Abuse Regulation has ended the practice of order inflation was left in tatters.
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Mubadala, Abu Dhabi's sovereign wealth fund, is due to close a $2bn loan refinancing in coming weeks, according to bankers familiar with the deal.
