Mizuho
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Gulf corporates Ooredoo, Nogaholding and Arabian Centres sprung into the bond market this week, defying revived market volatility to raise dollar funding. The string of corporate issuance follows a similar streak from the region’s FIG issuers last week. -
Qatari telecommunications company Ooredoo started investor calls on Monday for a conventional dollar bond after a five year hiatus from the market.
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India’s Adani Green Energy has raised a $1.35bn green loan to support the construction of projects under its renewable portfolio.
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Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.
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Hutchison Port Holdings Trust found strong support for its five year bond on Tuesday, allowing it to raise $500m from a $3bn order book.
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Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.
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Oman's Bank Muscat this week returned to debt markets after a brief hiatus to sell a dollar bond. The deal was one of only a few across CEEMEA this week, as market participants say interest rate volatility is still deterring issuance.
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South Korean e-commerce company Coupang has increased the price range for its US IPO a day before wrapping up the deal, now putting proceeds of up to $4.08bn within reach.
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Enel, the Italian energy company, has signed a €10bn sustainability-linked revolving credit facility, taking the title for the largest such deal that was held by Anheuser-Busch InBev for less than a month.
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Rising oil prices will boost economic growth across the Middle East, possibly reducing reliance on capital markets funding. But the immediate concern for markets will be the path of interest rates.
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Intesa Sanpaolo ventured outside of its home market in search of senior paper this week, placing its first sterling deal in almost nine months and its first yen trade since early 2019.
