GCC
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Saudi Arabia has secured its inaugural green loan backed by an export credit agency (ECA). The deal, which is the first of its kind in the region, may have a domino effect on other sovereigns in the Gulf, said bankers. -
Gulf sovereigns are set to raise record levels of debt this year thanks to the double shock of Covid-19 and an oil price slump, but one name is on investors lips: Kuwait. Instead of relying on shrinking reserves, the sovereign, which has not printed since its international bond debut in 2017, is expected to pass a parliamentary law increasing its debt ceiling, according to experts.
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The Emirate of Sharjah launched its debut Formosa bond on Tuesday. Experts say the format is gaining more interest from emerging market issuers looking to diversify, while investors beyond the traditional Taiwanese buyers are also taking an interest in the market.
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The Emirate of Sharjah has mandated banks for a dollar Formosa bond. Some say the market is becoming an increasingly popular one for emerging market issuers to tap.
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Oman, one of only two junk-rated sovereigns in the Gulf region, is tapping lenders for up to $2bn, as some say it could not find the right conditions in the bond market. According to bankers familiar with the deal, credit risk considerations are foremost and the sovereign will have to pay up to borrow.
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Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.
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Dubai port logistics operator DP World, tested the boundaries of emerging market investor risk appetite this week as it priced at $1.5bn sukuk hybrid deal.
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Arab Petroleum Investment Corp (Apicorp) repriced its curve on Wednesday, printing a five year new issue 20bp inside where its outstanding 2023 notes had been trading.
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The United Arab Emirates’ state-owned oil company, Abu Dhabi National Oil Company (Adnoc), has raised more than $10bn of investment from a consortium of firms in exchange for a stake in select pipelines. This is the second deal in 12 months in which Adnoc has raised international capital by leasing part of its pipeline network.
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Arab Petroleum Investment Corp (Apicorp) was in the market on Tuesday for a five year benchmark bond, having mandated for the deal in April.
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Dubai-based port logistics operator DP World is set to test emerging market risk sentiment by a new degree, as it announced investor calls for a hybrid capital bond offering.
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