Middle East

Saudi Arabia’s position at the pinnacle of Middle Eastern and African equity capital markets is set to be strengthened further with the IPO of BinDawood, the Gulf supermarket operator.

Following a trailblazing issuance from Abu Dhabi last week, the Emirate of Dubai has mandated banks to arrange a dual tranche offering, including a sukuk — its first international DCM outing since 2014. Qatar’s Ahli Bank was also in the market on Tuesday, launching a benchmark dollar bond.

Rating: Aa2/AA/AA

Abu Dhabi brought the CEEMEA debt market out of holiday mode this week by stunning investors with a new 50 year bond — the longest ever seen in the Gulf. The deal not only cemented Abu Dhabi's standing as a top-tier credit on a level with developed market sovereigns, it also raised expectations for a flurry of longer-dated issuance from states across the Gulf region. Mariam Meskin reports.

Thomas Hugger has more than two decades of investment experience in frontier markets. Volatility is part of the job description. But he has never faced challenges like those unleashed by the Covid-19 pandemic.

Masraf Al Rayan, one of the largest Islamic banks in Qatar, was out on Wednesday with its second international sukuk. The deal is also the second from CEEMEA to hit the market following the brief summer lull.

The Aa2/AA/AA rated Emirate of Abu Dhabi raised $5bn on Tuesday, securing a negative new issue premium on a trade that included the longest ever tenor raised in the Gulf. The inclusion of a 50 year tranche, bankers say, is testament to the borrower's standing as an elite credit.

Nice Ltd, the New York-listed Israeli software company, has tapped the equity-linked market for financing with a new $400m five year convertible bond.

The Emirate of Abu Dhabi has appeared in the bond market for the third time this year, and for the third time is seeking a triple tranche deal. It re-opens the CEEMEA market after a brief summer drought.

Investors patiently awaiting Kuwait’s return to the debt markets could be disappointed after the country’s parliament rejected a contested debt law and forced it back to a committee. The setback places the Gulf monarchy in a difficult position, as experts say its financing options are fast running out.

Struggling Gulf state Bahrain has fallen further into junk territory, with its budget deficit expected to balloon as a result of an oil price slump and the Covid-19 pandemic. But it is not all gloom, experts said, as bond markets remain wide open for high yield issuance.

A small group of Japanese banks have signed a syndicated facility that will support the funding of a solar power plant in Qatar, which is jointly owned by a consortium of Japanese, French and Qatari firms.