United Arab Emirates
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Professional services firm Alvarez & Marsal has hired a seasoned advisor to bolster its Middle East advisory team, as it seeks to be an integral part of the region's diversification transformation. -
Volatility in global and commodity markets coupled with regulatory challenges are putting pressure on issuers and investors involved in the Sharia-compliant financing market.
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Modest order books and higher new issue concessions for dollar and euro issues this week showed that emerging markets borrowers are operating in a different market to a month ago, before inflation concerns had brought non-stop volatility to US Treasury markets.
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On Wednesday, the Emirate of Sharjah sold a $1.25bn dual tranche bond. Though the issuer conceded that market conditions were not "perfect", given sustained volatility in US Treasuries, this week’s deal allowed the state to extend its credit curve.
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Mamoura Diversified Global Holding, an Abu Dhabi sovereign investment vehicle, launched a euro bond on Thursday. Issuers with access to and a need for both currencies, investors said, will find a haven in the euro market while volatility in dollar yields continues.
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The Emirate of Sharjah launched a dollar bond on Wednesday, just over five months since it last tapped investors. But not all buyers were keen to add more exposure to the credit.
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The Emirate of Sharjah is sounding out investors for a dollar bond syndication, just months after its last issue. Some investors, however, said they were wary that the issuer was on the cusp of becoming a sub-investment grade credit.
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Mamoura Diversified Global Holding, an Abu Dhabi sovereign investment vehicle, has mandated banks to sound out interest for a euro bond. The mandate follows a week of issuance in the currency from other CEEMEA borrowers.
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First Abu Dhabi Bank, the largest bank in the UAE, debuted in the euro market on Tuesday, selling a bond that was more than twice subscribed just a week after it entered the sterling market.
