GCC
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The Dubai Gold and Commodities Exchange is to start trading a Shanghai gold futures contract.
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There is no doubt that Saudi Arabia’s $17.5bn bond placement last week was a success. But while the country’s Vision 2030 plan is an attractive narrative, it is too simplistic to think of it as a handbook to economic recovery. Investors should be wary.
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Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant. -
Saudi Electricity Company has signed a $420m loan from Crédit Agricole and Santander as growing domestic funding needs open up more opportunities for international banks.
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Equate Petrochemicals drew orders of $5.5bn for its first dual tranche dollar bond on Thursday. The issuer opted for a two day execution to allow investors plenty of time to win credit approvals and place orders, according to bankers.
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National Bank of Abu Dhabi is syndicating a $2bn term loan to replace bilateral loans. The UAE bank is paying more for the longer dated syndicated deal, though the latest pricing is still “aggressive”, according to one banker.
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Equate Petrochemicals was on track to sell a dual tranche five and 10 year dollar note on Thursday, talking the bond with ample spread which suggested the issuer is planning a sizeable trade, thought one emerging markets banker.
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Several loans from Omani credits are being tipped to be launched this year, but, after several large deals, some bankers have concerns that lending appetite is waning.
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Saudi Arabia’s record breaking international triple trancher, priced Wednesday, heralded the start of a new era for the Gulf’s largest economy as it embarked on a future away from oil. The remarkable $17.5bn debut — the largest ever syndicated sovereign bond — swept up $63bn of global interest this week, which is just as well given the economic task that lies ahead for the country, writes Virginia Furness.
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Valmet — Segro — Ecom — Aluminium Bahrain — Morpho
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Saudi Arabia’s $17.5bn triple tranche bond was performing well on Thursday morning, tightening 10bp across the curve, and bringing the rest of the region along with it — an impressive feat considering Saudi printed at tighter levels than rival bankers, and investors, were expecting.
