Middle East
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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. -
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.
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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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Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.
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Saudi Aramco, the world's largest oil company, has finalised its acquisition of Saudi chemicals company Sabic in a $70bn transaction. The final amount plus loan fees is set to be paid to the former owner, the Public Investment Fund (PIF), over eight years.
