Middle East
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First Abu Dhabi Bank, the largest bank in the UAE, debuted in the euro market on Tuesday, selling a bond that was more than twice subscribed just a week after it entered the sterling market. -
The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, has coupled with private equity firm NBK Capital Partners, anchoring a direct lending fund.
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Galaxy Pipeline Assets Bidco, an investor consortium that leased pipelines from Abu Dhabi National Oil Company (Adnoc) last year in a partnership deal, sold a $3.9bn senior secured dual tranche bond this week, just months after raising $4bn.
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Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever.
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Top tier Turkish lender Akbank will launch a syndicated loan refinancing within weeks, according to sources. The borrower is likely to get tighter margins than for its last loan offering in October 2020.
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Arab Petroleum Investment Corp — the multilateral development bank headquartered in Saudi Arabia — on Wednesday sold a dollar bond after a week of roadshows. The start of the week has proven fruitful for Middle East banks, as bankers say issuers are steaming on despite volatility in the US rates market.
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Market participants have high expectations for Middle East bond issuance in the first quarter of the year. So far, a range of issuers from across the credit spectrum have entered markets, despite global market volatility.
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First Abu Dhabi Bank, the United Arab Emirates’ largest bank, came to market to sell a sterling bond on Tuesday, having already issued a number of deals since the start of the year.
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First Abu Dhabi Bank issued a Sfr260m ($293m) six year bond this week, the first Swiss franc green bond from the Middle East.
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