Middle East

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.

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.

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.

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.

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.

Arab Petroleum Investment Corp (Apicorp) was in the market on Tuesday for a five year benchmark bond, having mandated for the deal in April.

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.

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.

Saudi Arabia real estate financing company Amlak has announced the first IPO on the Tadawul stock exchange since the onset of the global Covid-19 pandemic.

First Abu Dhabi Bank bagged Rmb1.4bn ($198m) on Monday from its largest offshore renminbi bond to date.