United Arab Emirates
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Abu Dhabi National Energy Company (Taqa) has released initial price guidance for a dual trancher in a choppy market, while Qatari telco Ooredoo has chosen to wait. -
Abu Dhabi National Energy Company (Taqa) is embarking on a roadshow for a new dollar senior unsecured bond through six banks.
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Commercial Bank of Qatar shrugged off signs of fatigue after $24bn of GCC supply this year to print a $750m five year on Monday.
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The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.
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Abu Dhabi's Mubadala has tightened the margin on its $1.75bn three year refinancing, despite the price on the original loan already being “eye-wateringly low”, according to one banker.
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The swathe of rights issues set to form a big part of Emea equity capital markets activity this side of the summer has moved forward this week, with the conclusion of Dubai Parks and Resorts’ deal and the launch of SSAB’s prospectus.
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Dubai banks are stepping into the loan market as Commercial Bank of Dubai refinances a $450m three year loan, while Emirates NBD nears close for its deal.
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Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.
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