Middle East

NMC Health, the scandal-hit UAE-based hospitals operator, has $2.7bn in undisclosed debt, taking its total gross debt to around $5bn, and an investigation into its finances has found evidence of serious fraud.

The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.

Lebanon has started working with creditors to restructure its debt after defaulting for the first time in its history. Investors are gloomy about the chances of recovery, with prices on the country’s outstanding bonds plunging to new lows on Monday.

Saudi Arabian fashion retailer Fawaz Abdulaziz Alhokair has raised an $800m multi-currency loan with a consortium of local lenders.

Middle East sovereigns have been taking their time in getting round to doing green financing, despite many of the region’s companies and banks embracing the shift to sustainability-linked issuance. They have no excuse not to print, and every incentive to cement their commitment to sustainability.

Dubai Islamic Bank, which began roadshows over a week ago for a senior unsecured sukuk, has postponed the deal as a result of the Covid-19 virus, according to bankers near the deal. The spread of the virus has caused sharp swings in global markets, causing havoc in primary markets.

Shares in NMC Health, the London-listed United Arab Emirates hospitals operator, have been suspended. Its convertible bonds have fallen to around 50 cents on the dollar, after the Financial Conduct Authority (FCA) placed it under investigation and the company fired its chief executive.

Omani gas transportation company, Oman Gas Co, a branch of state-owned Oman Oil Co, has sold an $800m credit facility to local lenders.

Frontier market bond issuance dropped in 2019, with sovereign issuance at its lowest figure since 2011, amid signs that private-sector creditors are pulling back from riskier countries.

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Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.