Middle East

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.

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co. (Adnoc), has released initial price thoughts on a $3bn dual tranche senior unsecured bond and intends to print the note on Thursday.

Turkish Fibabanka is heading off on a roadshow on Wednesday to market a five year dollar denominated bond. But with Turkish bank levels still elevated after local press reports that some Turkish lenders could be fined billions of dollars by the US for violating sanctions on Iran, the bank and its leads are hoping for a rally before pricing.

Mazoon Electricity Company is embarking on investor meetings for a dollar Reg S/144A sukuk.

If Qatar does go ahead with a bond, it needs to be the one being selective about which banks it will work with.

Another long-awaited IPO kicked off on Monday when Emaar Properties, the United Arab Emirates (UAE) real estate company, launched the spin-off of its flagship property development business, albeit with a smaller deal size than initially expected.

Trade & Development Bank (TDB), the eastern and southern African development bank previously known as Preferential Trade Area Bank, is making its debut in the Middle Eastern loan market with a $200m facility.

Dubai’s Global Education Management Systems (GEMS) Education has mandated four banks to coordinate its $1.2bn loan.

Turkey’s banking regulator issued a statement over the weekend asking the public to ignore stories about the country’s banks, after local press reports that some Turkish lenders could be fined billions of dollars by the US for violating sanctions on Iran.

Jordan’s sovereign rating was cut one notch to B+ by Standard & Poor’s and Angola was cut a level to B2 by Moody’s after market close on Friday, as overseas debt levels and weak growth took a toll on both countries.