United Arab Emirates
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Investor appetite for UAE corporate debt was unfulfilled when Mubadala printed $500m from a $5.1bn book last week but with Etihad Airways lining up a dollar trade, investors may have a second chance to buy. -
Noor Bank has mandated banks for its debut Basel III bond and will be looking to soak up excess demand for additional tier one (AT1) debt after Boubyan Bank’s note was over five times subscribed last week.
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United Arab Bank — Isbank — LSL Property — Nokian
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Strong investor support propelled three GCC trades this week and with oil edging towards $50 a barrel and local liquidity improving, bankers say there is no reason why record year-to-date volumes can’t be reached by the end of this month.
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The UAE’s United Arab Bank launched general syndication for a two year $150m loan on Thursday.
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Mubadala Development Company was on track to print its $500m bond tight to its existing curve as US markets opened on Monday.
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In this round-up, Hong Kong RMB deposits shrank further in March, southbound usage of the Shanghai-Hong Kong Stock Connect picked up, China's foreign exchange regulator granted four new RMB qualified foreign institutional investor (RQFII) quotas in April, and Singapore Exchange launched trading of derivatives under the new MSCI China Free Index. Plus, a recap of GlobalRMB's top stories this week.
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After a week of no new paper in CEEMEA, EM bankers are looking forward to a busier next week as four bonds are slated from the region and the market looks supportive enough to allow issuers to pull the trigger.
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Mubadala Development Company has set the size of its bond at $500m and meetings for the deal are so far going well, said a banker close to the deal on Thursday.
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Mubadala Development Company has mandated six banks for its first dollar benchmark since 2014 — making it the first public international bond with Peter Turney, an ex-Mitsubishi and BNP Paribas DCM banker at the helm.
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Abu Dhabi printed a stellar $5bn bond this week after a seven year absence. But it may not be as easy for other Middle East sovereigns that need to print big bonds this year. Fundamentals point to an uphill slog.
