United Arab Emirates
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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. -
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.
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Galaxy Pipeline Assets Bidco, an investor consortium that leased pipelines from Abu Dhabi National Oil Company (Adnoc) last year in a partnership deal, sold a $3.9bn senior secured dual tranche bond this week, just months after raising $4bn.
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Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever.
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First Abu Dhabi Bank, the United Arab Emirates’ largest bank, came to market to sell a sterling bond on Tuesday, having already issued a number of deals since the start of the year.
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A burst of mandates on Monday confirmed what many market participants had expected: a rise in emerging market corporate bond supply.
