Middle East
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Arabian Centres, the Saudi Arabia shopping centre operator, is set to tap its dollar sukuk. The recent drop in US rates, combined with the anticipation of rising rates later in the year, has provided impetus for emerging market issuers to enter markets. -
Terminal X Online Ltd, the Israeli fashion e-commerce company, is preparing to go public on the Tel Aviv Stock Exchange, having secured the backing of Danish online retail billionaire Anders Holch Povlsen.
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Qatar National Bank Group has opened a Hong Kong branch in a move to further expand its global presence.
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Banks wrapped up the $730m-equivalent IPO of Abu Dhabi satellite company Yahsat on Thursday with high levels of demand, particularly from local investors.
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Turkey was, yet again, at the fore of market participants’ minds on Tuesday. As inflation spikes, the country has indicated its intention to encourage more borrowing following a debt issuance spree in June.
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The IPO of Al Yah Satellite Communications Co, the Abu Dhabi satellite company, is covered throughout the initial price range, on a 30% deal size, according to sources close to the deal.
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The Emirate of Sharjah is returning to the international bond market just months after its last visit, but this time marketing a sukuk that will place it among the ranks of major emerging market issuers — both sovereign and corporate — to have raised cash at competitive levels recently with the Sharia-compliant instrument.
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Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.
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Emaar Properties, the UAE-based luxury real estate developer, was planning to sell a dollar sukuk on Tuesday. It followed a string of emerging market Sharia-compliant trades in recent weeks that have been absorbed by a hungry investor base.
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The IPO of Yahsat, the Abu Dhabi satellite company, will be the largest flotation in the United Arab Emirates for almost four years, according to terms published on Sunday.
