Middle East

Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.

Abu Dhabi National Oil Co (Adnoc) raised $1.64bn from the sale of exchangeable bonds and shares in Adnoc Distribution, its listed fuel distribution subsidiary, having attracted a “massive” amount of demand from investors, according to a source close to the deal.

The Emirate of Abu Dhabi raised $2bn on Tuesday, in a deal that bankers said achieved one of the largest negative new issue premiums on any sovereign dollar investment grade bond so far this year.

Emirati state-owned Mamoura Diversified Global Holding returned to the MTN market this week to sell its first private placement since its parents’ merger in 2017.

The Emirate of Abu Dhabi, one of the highest rated sovereign issuers in the Middle East, was in the market on Tuesday for a seven year dollar bond less than a year after it broke records by issuing the Gulf's longest ever bond.

Yapi Kredi Bank and Garanti Bank this week became the latest Turkish banks to refinance syndicated loans, in the process raising ESG-linked facilities. The trend towards ESG-linked financing is not driven by the desire to cut costs, which for many has been only symbolic, but by a desire to help boost borrowers’ credentials and to make life easier for international lenders.

Two emerging market bank issuers, Emirates NBD Bank and Absa Group, launched additional tier one bonds on Thursday, as the popularity of the bank capital tool grows.

Two emerging market bank issuers, Emirates NBD Bank and Absa Group, launched additional tier one bonds on Thursday, as the popularity of the bank capital tool grows.

Arçelik, the Turkish household appliance manufacturer that owns Beko and Grundig, is set to make its mark in the green bond market. The deal, some say, will be a test of investor appetite for Turkish corporate paper, which so far has been strong, despite the heightened volatility affecting the country in the first four months of the year.

Emirates NBD, the biggest bank in Dubai, has mandated banks to arrange an additional tier one (At1) deal. It will follow another bank from emirate, Dubai Islamic Bank, which recently broke records with its own AT1 transaction.

Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.

Emerging market portfolio managers say that their confidence in buying assets has been restored now that US Treasury yields have stopped racing upwards. But although they say they have cash to splash, some still believe valuations are toppy.