United Arab Emirates
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The Emirate of Sharjah has mandated banks for a dollar Formosa bond. Some say the market is becoming an increasingly popular one for emerging market issuers to tap. -
Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.
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Dubai port logistics operator DP World, tested the boundaries of emerging market investor risk appetite this week as it priced at $1.5bn sukuk hybrid deal.
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The United Arab Emirates’ state-owned oil company, Abu Dhabi National Oil Company (Adnoc), has raised more than $10bn of investment from a consortium of firms in exchange for a stake in select pipelines. This is the second deal in 12 months in which Adnoc has raised international capital by leasing part of its pipeline network.
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Dubai-based port logistics operator DP World is set to test emerging market risk sentiment by a new degree, as it announced investor calls for a hybrid capital bond offering.
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Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.
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First Abu Dhabi Bank bagged Rmb1.4bn ($198m) on Monday from its largest offshore renminbi bond to date.
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First Abu Dhabi Bank (FAB) has decided to call an additional tier one deal, the coupon of which was due to drop in its favour. The move goes against the grain of the borrower's Gulf peers.
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The Emirate of Abu Dhabi took full advantage of a ready and willing investor base on Tuesday looking for high quality emerging markets to buy in the coronavirus pandemic, driving down pricing on a triple tranche tap to levels that leads saw as 5bp inside the issuer's own curve.
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The Emirate of Abu Dhabi made a swift return to bond markets on Tuesday just six weeks after it printed a $7bn triple tranche trade, tapping that same deal.
