Middle East
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Mamoura Diversified Global Holdings (formerly Mubadala Development Company) has released initial price guidance for its dollar triple trancher at levels a rival syndicate official said looked fair, and included another 30 year bond from the region in just over a month. -
Masraf Al Rayan, the second largest Islamic bank in Qatar by total assets, is embarking on a roadshow for its debut outing in the international sukuk market.
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Yapi Kredi Bank has secured a $950m-equivalent loan, following Akbank, which heralded in the Turkish bank refi season last month. Glass manufacturing company Trakya Cam Sanayii also signed a €200m syndicated loan this month, signalling confidence in the Turkish market, despite what has been a bumpy year in the country's capital markets.
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Emerging markets issuers enjoyed supportive market conditions this week as a variety of deals gave low new issue premiums and attracted healthy order books. But with investors talking about downing tools for the year, it is not clear how much longer helpful conditions will last.
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Majid Al Futtaim, the Middle Eastern shopping mall developer, came to market on Wednesday for a Reg S long 10 year sukuk, one day after Saudia Arabia won a $13bn order book for its own deal in the format.
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After another delay to the IPO of Saudi Aramco, Saudi Arabia’s crown prince Mohammed bin Salman (MBS) may have to accept that international fund managers may never value the kingdom’s prize asset as much as its royal family does, but local investors just might.
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The Kingdom of Saudi Arabia is tapping hard currency debt markets for the first time since Fitch hit it with a downgrade, launching a $2.5bn sukuk on Tuesday.
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Middle Eastern shopping mall developer Majid Al Futtaim is holding investor calls this week as it eyes another green sukuk deal.
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The UAE's Emirates Water and Electricity Co and Saudi Arabia's Acwa Power have secured loans of Dh2.71bn ($738m) for Abu Dhabi-based Taweelah power and water desalination plant.
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Saudi Aramco has delayed the launch of its mega IPO for the second time in two years and investors are starting to tire of continued speculation and no hard numbers on valuation.
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The Emirate of Sharjah shrugged of any concerns about broader volatility in emerging markets on Wednesday, to price a 10 year sukuk flat to its curve.
