Middle East

Indian single stock futures traded on the Dubai Gold and Commodities Exchange (DGCX) saw record volumes during October, as use of currency derivatives also grew.

State-owned Abu Dhabi National Oil Co (Adnoc) is expected to sign its debut syndicated loan facility for $6bn with 13 banks next week.

Oman electrical distribution company Mazoon has opened books on a 10 year sukuk with a chunky premium at mid to high 5%, leading to plenty of investor interest — despite the glut of Middle Eastern trades.

Standard Chartered Bank has relocated one of its DCM bankers to Dubai.

Dubai Aerospace Enterprise (DAE) Capital has financed an Airbus A320-200 aircraft for Saudi Arabian Airlines’ low-cost carrier ‘flyadeal’ with a loan from Bank ABC.

Fibabanka has shelved plans for an inaugural senior dollar bond despite signs of a recovery in Turkish bank paper.

Abu Dhabi Crude Oil Pipeline (Adcop) printed a $3.037bn dual tranche debut trade this week, with the quasi sovereign shrugging off background swings in rates to print tight to the Abu Dhabi curve.

Israel Electric Corp will head out on a US roadshow next week, with the company meeting fixed income investors two months after worker strikes saw operating cash flow at the firm dip into negative territory.

Two issuers from the Middle East this week printed dollar deals with ease this week, covering a range of maturities from five to 30 years and demonstrating demand across the whole curve.

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co (Adnoc), has launched its $3bn dual trancher on Thursday with coupons set at the tight end of final guidance and books in excess of $11bn. Though an analyst said the levels offered looked fair, he said he was disappointed by the lack of transparency into Adnoc offered by the note.

Credit Europe Bank NV (CEB) announced on Thursday that it was mandating banks for a dollar deal, calling an outstanding bond, and spinning off its Russian subsidiary.

UniCredit will upgrade its representative office to a branch in Abu Dhabi to focus on transaction banking and financing in euros and dollars.