Middle East
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Dubai-based property developer Majid Al Futtaim (MAF) emerged with pricing for a new subordinated perpetual bond on Tuesday morning after just one full day of a planned two day roadshow. -
Hong Kong’s stock exchange and Saudi Arabian energy company Saudi Aramco are potentially a match made in heaven, according to the bourse's chief executive officer Charles Li.
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The first ever Eurobond from a Gulf Co-operation Council (GCC) insurer could emerge as early as next week after Qatar Re announced plans for a global roadshow.
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The UAE’s Majid Al Futtaim will begin investor meetings in Asia next week for a subordinated perpetual bond, the first from the Middle East this year.
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Yapi Kredi took advantage of pent-up demand for Turkish bank paper to hammer down pricing on the first Eurobond from the sector for more than four months this week.
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GCC sovereign issuance began in earnest this week with Bahrain raising $600m and Oman mandating banks for a triple tranche deal. As Virginia Furness reports, the two deals mark the beginning of what will be a defining year for the region’s borrowers in the international capital markets.
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Oman has named seven banks to arrange an Islamic bond which it will bring to market shortly after the close of its planned triple tranche conventional bond, according to sources.
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Oman, looking to extend its curve by just over 20 years, will hit the road on Friday. Technical factors underpinning the market are expected to propel the trade despite underlying questions about the Sultanate’s ability to manage its budget deficit.
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Shares in Arabtec Holding, the largest listed construction company in the United Arab Emirates, surged 15% on Wednesday after it said regulators had approved its plans to raise Dh1.5bn ($408m) through a rights issue to strengthen its balance sheet after a second annual loss in 2016.
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Yapi Kredi reopened the Turkish financial bond market on Tuesday, garnering a $1.2bn book that was sticky enough to allow the issuer to tighten pricing 37.5bp — good news for the $3.7bn worth of Turkish financial senior bonds that will need refinancing this year.
