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The UAE bank capped the deal size at $500m, gaining some leverage over pricing
Attractive pricing versus dollars luring GCC borrowers back to the single currency
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
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Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.
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Saudi Arabian Mining Co or Ma’aden, Saudi’s largest mining company, has amended a revolving credit facility that was due to mature at the end of the month.
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Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.
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Qatar’s banks have been turning to collateralised borrowing to boost liquidity after being all but shut out of the public debt markets since June, and the deals are proving mutually beneficial to both lender and borrower, with international banks able to continue to show support for Qatar.
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One of the last big IPOs of 2017 reached a successful conclusion this week, crowning a solid year for issuance in the EMEA region.
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Warba Bank has successfully made its debut in the international loan market with an oversubscribed $400m syndicated facility provided by 16 banks.