Middle East
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The Commercial Bank of Qatar has mandated banks for a dollar-denominated benchmark bond — the latest in a string of Qatari banks to enter international debt markets in recent months. -
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which holds almost $400bn of assets under management, has played a critical role in maintaining financial stability during the coronavirus pandemic. Alireza Zaimi, head of corporate finance at the PIF, tells GlobalCapital how the fund weathered a commodity shock of unprecedented proportions, how the crisis has shaped its investment choices, and how its funding strategy has held up.
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Turkish lender Garanti BBVA has lost a director in its funding department.
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Dubai, Ahli Bank and Sabic proved that the Gulf remains one of the most attractive of the emerging markets, with all three issuing dollar bonds this week.
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The Emirate of Dubai surpassed expectations on its return to the bond market six years after its last issuance, with the sukuk tranche of its dual trade gaining notable traction. The borrower is the third Emirate to enter debt markets since the coronavirus crisis began.
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Saudi Basic Industries Corporation (Sabic) is seeking to raise a dual tranche offering this week. The deal is the latest in a flurry of trades from Gulf issuers seeking to take advantage of attractive market conditions amid low oil prices and increasing Covid-19 related costs.
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Saudi Arabia’s position at the pinnacle of Middle Eastern and African equity capital markets is set to be strengthened further with the IPO of BinDawood, the Gulf supermarket operator.
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Following a trailblazing issuance from Abu Dhabi last week, the Emirate of Dubai has mandated banks to arrange a dual tranche offering, including a sukuk — its first international DCM outing since 2014. Qatar’s Ahli Bank was also in the market on Tuesday, launching a benchmark dollar bond.
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Abu Dhabi brought the CEEMEA debt market out of holiday mode this week by stunning investors with a new 50 year bond — the longest ever seen in the Gulf. The deal not only cemented Abu Dhabi's standing as a top-tier credit on a level with developed market sovereigns, it also raised expectations for a flurry of longer-dated issuance from states across the Gulf region. Mariam Meskin reports.
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Thomas Hugger has more than two decades of investment experience in frontier markets. Volatility is part of the job description. But he has never faced challenges like those unleashed by the Covid-19 pandemic.
