GCC

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

Citigroup has hired Majed Al-Hassoun to spearhead the relaunch of its investment banking effort in Saudi Arabia.

Debut sukuk issuer Emirates Reit on Wednesday priced a larger than expected deal of $400m after books reached nearly $1bn.

Doha Bank Qatar has sold a yen clip through MUFG, its first since June when the country became embroiled in a regional diplomatic spat. The trade is illustrative of a gradual return by investors to Qatari credits, said MTN bankers.

Four Qatari banks have been meeting investors with a view to printing bonds.

Qatar's banks face a wall of maturities in 2018 and need the door to capital markets funding to be flung open for them. But it does not have to be the Qatar sovereign that does the opening.

Issuers in the Gulf Cooperation Council are increasingly considering project bonds as a viable funding option for infrastructure projects in the region, said bankers.

Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.

Emirates Sembcorp Water & Power revised guidance for a new issue downwards on Wednesday morning after taking orders of $2.3bn.

Saudi Aramco’s jumbo IPO is taxiing towards take off, though the timing and any co-listing locations along with Riyadh have yet to be revealed. London and New York’s exchanges are eager to host a co-listing, with Toronto, Hong Kong and Singapore also in the frame for what promises to be the biggest ever IPO, valuing the company at $2tr.

Oman Telecommunications is expected to sign a $2.2bn loan in the coming weeks to finance its acquisition of a 21.9% stake in Kuwaiti telecoms company Zain Group.

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.