GCC
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Two emerging market bank issuers, Emirates NBD Bank and Absa Group, launched additional tier one bonds on Thursday, as the popularity of the bank capital tool grows. -
Two emerging market bank issuers, Emirates NBD Bank and Absa Group, launched additional tier one bonds on Thursday, as the popularity of the bank capital tool grows.
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Emirates NBD, the biggest bank in Dubai, has mandated banks to arrange an additional tier one (At1) deal. It will follow another bank from emirate, Dubai Islamic Bank, which recently broke records with its own AT1 transaction.
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Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers.
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The Commercial Bank of Qatar hit the bond market for a five year benchmark on Wednesday, pulling in its spread to price the deal with around 5bp of new issue premium.
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Emirates Telecommunications company (Etisalat) was preparing on Tuesday for a dual tranche euro deal, while Commercial Bank Qatar was looking for a five year dollar bond.
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Market participants rejoiced this week as the primary market landscape returned to normal after US Treasury yield volatility subsided and a number of deals, both investment grade and high yield, came to the market.
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Saudi Arabia's Red Sea Development Company has raised a green loan, marking the second deal of its kind raised in the kingdom and the first in local currency. Funds will be used to support the development of the country's new tourist attraction, the Red Sea Project.
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Omani state-owned oil company, OQ, has mandated banks to arrange a dollar bond offering, in what is likely to be a test of investor appetite for both high yield and oil credits.
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