GCC

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.

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.

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.

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.

Kuwait’s Burgan Bank is planning to refinance a $350m syndicated loan that is due to mature next month.

Oman electrical distribution company Mazoon managed to print a $500m 10 year sukuk inside its sovereign’s curve on Wednesday as investors pounced on rare corporate JP Morgan Emerging Market Bond Index (EMBI) eligible paper from the Middle East.

The $1.5bn IPO of Emaar Development, the property development unit of Emaar Properties, was covered less than one working day into the bookbuild this week, according to a banker involved.

Oman electrical distribution company Mazoon printed its $500m 10 year sukuk at the tight end of price guidance on Wednesday, with books hitting over $5bn for the note.

Saudi Electricity Co’s $1.75bn loan has been successfully sold down to four other banks.

Indian single stock futures traded on the Dubai Gold and Commodities Exchange (DGCX) saw record volumes during October, as use of currency derivatives also grew.

State-owned Abu Dhabi National Oil Co (Adnoc) is expected to sign its debut syndicated loan facility for $6bn with 13 banks next week.