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Investors piled in orders more than four times trade’s size
Premium to dollars was in the high single digits, said a lead
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
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The National Bank of Abu Dhabi (NBAD) is in the final stages of introducing a US commercial paper (US CP) programme, in order to extend its global platform. -
Qatar National Bank has sold the largest ever dollar floating rate note Formosa bond — a $625m deal — as several other issuers from the region clamour for the attention of this Taiwanese bond market.
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Abu Dhabi-owned Mubadala will wrap up its $2bn refinancing by the end of May and has achieved roughly the same margin as the loan it refinances, according to two sources.
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Boubyan Bank, an Islamic Bank based in Kuwait, has mandated banks for its first offering, a Basel III compliant tier one sukuk.
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Oman will be hoping this week's buoyant support of Middle East credits remains after Abu Dhabi attracted $17bn of orders to its $5bn dual tranche deal on Monday. Abu Dhabi hit big in emerging markets this week drawing $17bn of orders for its $5bn dual tranche bond. It is the largest deal from a Middle Eastern sovereign, an accolade it shares with Qatar which issued the same amount back in 2011.
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Saudi Arabia on Monday announced its plans to diversify away from oil production through a plan it called "Vision 2030". But the oil rich nation won't find it easy to execute in the plan, particularly when it comes to attracting skilled foreigners to fuel its goals.
