United Arab Emirates
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At least three bank issuers across CEEMEA this week sold bonds of all different varieties. Emirates Development Bank, Ecobank Transnational and Ahli United Bank all tapped investors for dollar bonds. -
First Abu Dhabi Bank debuted its green bond programme in the dim sum market on Monday, selling the first labelled note in this format from a Middle Eastern borrower.
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Emirates Development Bank, which last entered the bond market with its debut in 2019, is one of many FIG borrowers from CEEMEA planning to tap investors this week.
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Equity capital markets participants are predicting the return of exchangeable bonds as a way for large corporates to sell crossholdings or subsidiaries to raise funds without offering the big discounts to investors that come with a block trade. Two deals this week highlighted the importance of the product, a €538m deal by French utility Engie, selling shares in Gaztransport Et Technigaz (GTT) and bonds exchangeable into its shares, and a $1.64bn financing package sold by Adnoc, selling shares and exchangeable bonds in subsidiary Adnoc Distribution.
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Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.
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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.
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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.
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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.
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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.
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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.
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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.
