United Arab Emirates
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Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers. -
Emirates Telecommunications company (Etisalat) was preparing on Tuesday for a dual tranche euro deal, while Commercial Bank Qatar was looking for a five year dollar bond.
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Emerging markets bond buyers and issuers are regaining confidence as US Treasury volatility falls, with issuance in CEEMEA and Latin America having picked up in recent days and a pipeline building.
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Kuwait’s Equate Petrochemicals and Abu Dhabi’s Taqa issued bonds this week, and bankers say issuance volumes are set to pick up further.
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Dubai Islamic Bank priced the region's tightest ever additional tier one (AT1) bond this week, which may inspire other issuers into the market.
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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.
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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.
