Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Volume dips only slightly despite there being a third fewer transactions
◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room
Private placements may have hung around much longer than first expected but their dominance may be at an end
Sukuk volumes much slimmer this year
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Dana Gas has received $48m of overdue liquid fuel payments from Iraqi Kurdistan. Difficulties in obtaining money that the Sharjah-based company is owed for its operations in Kurdistan and Egypt were a key contributing factor to its failure to pay on a $920m sukuk that matured at the end of October.
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Bahrain’s Gulf International Bank underscored its improving fortunes under Saudi ownership this week with a tightly priced but well received $500m five year bond.
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Gulf International Bank looks set to make a tightly priced return to the debt capital markets next week with a benchmark-sized dollar bond. Investors in the region expect a deal with a five year maturity that could be $750m-$1bn, while pricing could begin around 175bp-200bp over mid-swaps.
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Dana Gas, the Abu Dhabi-listed firm that failed to pay a $1bn sukuk maturity in early November, hopes to announce a lock-up agreement and sign headline terms of a restructuring with creditors.
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The Dubai office of international law firm Norton Rose has advised a syndicate of fourteen banks in relation to a senior unsecured US$900 million syndicated facility for First Gulf Bank PJSC (FGB). The facility is the largest loan market transaction undertaken by a financial institution in the UAE this year and is to be used by FGB for its general corporate purposes, including the expansion of its existing operations as well as its growing global footprint.
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QInvest chief executive Shahzad Shabaz, who has led the Qatari investment bank since its inception in 2007, resigned from his role on Wednesday. He will remain at the firm for a period to help the transition to his replacement, deputy CEO Tanim Hamad Al-Kawari.