Middle East
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First Abu Dhabi Bank, the highest rated lender in the Middle East, has mandated bookrunners to lead a perpetual non-call six year additional tier one (AT1) capital issue. -
Despite a plethora of risks for Turkish assets, including the lira hitting fresh lows and both banks and the sovereign facing downgrades, the bi-annual refinancing season for Turkish banks is up and running. According to lenders, Akbank will open the market with a deal likely to close soon.
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Qatar’s largest bank, Qatar National Bank (QNB), has raised the country’s first green bond, in a deal that achieved a new issue discount while diversifying and expanding the issuer’s investor base.
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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.
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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.
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During the last week, Turkey’s currency has hit damning lows and the sovereign has been given another credit downgrade. Many say these events should prompt the country to enact serious fiscal and monetary reforms.
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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.
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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.
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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.
