GCC
-
Abu Dhabi National Oil Co sold $1bn worth of shares in Adnoc Distribution, its listed chain of petrol stations and shops, through an institutional placement on Monday night, the largest ever block trade by a listed company from the Gulf Cooperation Council area. -
Two Gulf bank issuers — Qatar National Bank and Gulf International Bank — hit bond markets on Tuesday to raise dollar funds, following what has been a busy period for Middle Eastern issuers. With investor appetite remains ravenous and market conditions healthy, there is scope for further issuance.
-
The IPO of BinDawood, the Saudi supermarket operator, has made off to a fast start with banks covering the deal throughout its price range the day it opened books, driven by strong local demand.
-
Saudi Electricity Co, which is majority-owned by the kingdom of Saudi Arabia, has raised its debut green sukuk — making it the first green bond ever issued by a Saudi issuer, just months after the Ministry of Finance raised a green export credit agency-backed syndicated loan.
-
-
The Kingdom of Bahrain, one of only two sub-investment grade sovereigns in the typically highly rated Gulf, tapped investors this week for its second bond of the year. The deal comes just weeks after Bahrain increased its debt ceiling, as Gulf states grapple with the impact of low oil prices and Covid-19 on their spending plans.
-
State-owned Saudi Electricity Co is set to debut in the still nascent green sukuk market, making it only a handful of issuers across the world to do so.
-
The Kingdom of Bahrain, one of only two sub-investment grade sovereigns in the Gulf, is tapping markets for its second bond of the year. The mandate comes just weeks after Bahrain increased its debt ceiling as Gulf states grapple with the impact of low oil prices and Covid-19 on their spending plans.
-
The Commercial Bank of Qatar has mandated banks for a dollar-denominated benchmark bond — the latest in a string of Qatari banks to enter international debt markets in recent months.
-
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which holds almost $400bn of assets under management, has played a critical role in maintaining financial stability during the coronavirus pandemic. Alireza Zaimi, head of corporate finance at the PIF, tells GlobalCapital how the fund weathered a commodity shock of unprecedented proportions, how the crisis has shaped its investment choices, and how its funding strategy has held up.
-
-
Dubai, Ahli Bank and Sabic proved that the Gulf remains one of the most attractive of the emerging markets, with all three issuing dollar bonds this week.
