Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Funding costs and new issue premiums are much higher than GCC issuers are used to
Senior banker will move to Abu Dhabi to take up position
Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
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Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days. -
Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.
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With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.
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Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.
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Saudi asset prices dropped on Monday after the arrest of senior officials on Saturday caught the market off guard, prompting a 2.2% fall in the Tadawul index and leaving investors nervously awaiting further developments.
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Kuwait’s Burgan Bank is planning to refinance a $350m syndicated loan that is due to mature next month.
