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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Two Eurobonds issued by EA Partners were still stuck trading around 85-87 on Tuesday after Air Berlin announced its insolvency last week with investors leftwaiting for further announcements from the issuer. -
Investors missed a strategic warning from Etihad earlier this year when the company removed the CEO in charge of its $4bn expansion strategy, and were blindsided this week when its partner airline Air Berlin filed for bankruptcy, write Virginia Furness and Aidan Gregory.
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“I was confused before I went in, and even more confused when I came out,” was how one EM investor described meeting Etihad and its partners to discuss its now infamous structured notes.
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Saudi Electricity Co (SEC), the largest utility company in the Middle East and North Africa, signed its largest international syndicated loan of $1.75bn on Wednesday with eight banks.
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Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin.
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The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility of Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.
