United Arab Emirates
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Two Middle East credits are on screens for dollar bond, with more in the wings waiting to come to market. -
United Arab Emirates-based National Central Cooling Company (Tabreed) is embarking on a roadshow to market a debut senior unsecured dollar Reg S sukuk.
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Cepsa, the Spanish multinational oil and gas firm, will be worth up to €8.08bn when it lists on the Spanish Stock Exchanges later this month, according to terms released on Tuesday.
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Aldar Properties, a real estate company based in Abu Dhabi, needed large orders from lead managers on Tuesday to get to $500m with a seven year sukuk transaction.
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Dubai headquartered DP World on Tuesday sold the largest bond from the Middle East so far this autumn — a quadruple tranche multi-currency bond — but supply from the region is still lower than bankers have been expecting.
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Emerging markets are in full swing this week after last week's successful crop of deals. Five borrowers, mostly from the Middle East, are expected on screens for deals this week.
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Emerging markets were treated to their first week of supply from the Gulf region in four months, and despite the sudden glut of supply, performances were strong and the market is ready for more.
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Al Hilal Bank (AHB) and Abu Dhabi Islamic Bank (ADIB) are on screens on Wednesday with dollar sukuk benchmarks — the first in a wave of Middle Eastern supply.
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Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) have completed their roadshows, and are set to reopen the dollar sukuk market on Wednesday.
