Middle East
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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. -
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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The Hashemite Kingdom of Jordan and Hikma, a Jordanian company listed in London, hit screens this week, raking in cash and proving appetite for credits along the rating spectrum.
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Akbank, the top tier Turkish bank, approached investors for a dollar benchmark bond on Tuesday. The deal comes amid expectations that emerging market investors have finally opened up for corporate and financial institution issuance.
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A flurry of emerging market deals on Tuesday were proof, according to bankers, that bond investors are moving down the credit curve. The Hashemite Kingdom of Jordan launched a senior unsecured dollar benchmark, while Sibur, the Russian investment grade petrochemical company, was also set to finalise a dollar deal on Tuesday afternoon.
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Turkey Export-Import Bank has raised a €380m loan with a partial guarantee from the World Bank. The deal complements a successful first half of the year for Turkish lenders in capital markets, in which almost all the top tier banks have raised loans.
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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.
