GCC
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Yahsat, the satellite company owned by Mubadala, will attempt a listing on the Abu Dhabi Securities Market (ADX). The company is seeking to list at a time when the European IPO market is difficult, but there is hope that strong local interest and emerging market equity investors will see the deal across the line.
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An undisclosed shareholder has sold Dh1.1bn ($296m) of stock in Abu Dhabi Commercial Bank, one of the UAE’s biggest banking groups, through an accelerated bookbuild. -
The Omani lender Bank Dhofar has secured a loan facility from a consortium of international banks, in a deal led by two regional lenders.
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At least three bank issuers across CEEMEA this week sold bonds of all different varieties. Emirates Development Bank, Ecobank Transnational and Ahli United Bank all tapped investors for dollar bonds.
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A brace of sukuk trades from the Gulf this week racked up enormous order books, demonstrating the voracious demand for Sharia-compliant paper. With a hungry investor base, sukuk issuance is expected to grow, despite some "teething problems".
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Saudi Aramco, the world’s largest oil company, entered the Sharia-compliant bond market for the first time on Wednesday, with what market participants called a tool for investor diversification. Proceeds from the capital raising are expected to fund Aramco's $75bn dividend.
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First Abu Dhabi Bank debuted its green bond programme in the dim sum market on Monday, selling the first labelled note in this format from a Middle Eastern borrower.
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Emirates Development Bank, which last entered the bond market with its debut in 2019, is one of many FIG borrowers from CEEMEA planning to tap investors this week.
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The Sultanate of Oman launched a dollar sukuk on Tuesday, which investors said would receive strong demand as investors hunt for high yielding Sharia-compliant paper.
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Ecobank Transnational is planning to debut in the sustainability bond market as Kuwait's Ahli United Bank prepares to enter the market for a sukuk. Emerging market issuers are continuing to flood the market amid concerns from some about the Federal Reserve tapering its asset purchase programme.
