Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Tight price and strong book reported as market awaits geographic breakdown
Flood of AT1s expected to follow the first public trade from the Gulf in over two months
Announcements could come as early as Monday, the two month anniversary of the last public GCC trades
Islamic investors have been a safe haven for Gulf issuers in the past, and can be now
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Abu Dhabi’s state owned investment firm Mubadala priced its first international benchmark bond in three years this week, receiving around $5bn in orders for a $750m eight year deal. Debt bankers on and off the deal clashed over the starting point. But the bookrunners argued the transaction had successfully allowed Mubadala to maintain a presence in the market, reprice its bond curve and secure its status as a high grade issuer. -
The Dubai government’s $750m sukuk has held its ground on the break above re-offer at 100.05/100.10 after the emirate priced the note inside guidance late on Tuesday.
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Frontier markets investment boutique Exotix has lost two senior officials from its Dubai office.
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Abu Dhabi National Energy Company (Taqa) starts investor meetings on Thursday ahead of a prospective dollar deal. Some of the issuer's bonds trade at a high cash price, meaning a select few deals are the best indicators of Taqa's curve, said bankers on the deal.
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Simon Putt, formerly BNP Paribas’s head of MENA DCM, has joined Saudi Arabian Al Rajhi Capital as head of DCM after over a year out of the market.
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Mubadala, Abu Dhabi's state owned investment group, is preparing to price a $750m eight year dollar bond on Wednesday afternoon. Its starting spread struck some debt bankers as cheap. But high cash prices on Mubadala's outstanding paper have kept its secondary spreads higher than fair value, and bankers on the new bond argued they had to take this into account.
