United Arab Emirates
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Abu Dhabi’s $5bn note, priced Monday, dazzled with size and rarity, but also set the bar for other Middle East sovereigns facing unprecedented funding needs. How that capital is raised could come to define the year in emerging market bonds, writes Francesca Young. -
The National Bank of Abu Dhabi (NBAD) is in the final stages of introducing a US commercial paper (US CP) programme, in order to extend its global platform.
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Abu Dhabi-owned Mubadala will wrap up its $2bn refinancing by the end of May and has achieved roughly the same margin as the loan it refinances, according to two sources.
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Oman will be hoping this week's buoyant support of Middle East credits remains after Abu Dhabi attracted $17bn of orders to its $5bn dual tranche deal on Monday. Abu Dhabi hit big in emerging markets this week drawing $17bn of orders for its $5bn dual tranche bond. It is the largest deal from a Middle Eastern sovereign, an accolade it shares with Qatar which issued the same amount back in 2011.
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Abu Dhabi took orders of over $17bn for its first trade in seven years, proving that appetite for GCC debt remains strong, despite oil price concerns.
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Books had reached $10bn for Abu Dhabi’s dual tranche offering by mid-morning in London on Monday, but the generosity of the deal has pushed other credits based in the emirate wider, according to two rival bankers.
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Luxury hotel complex Atlantis the Palm, is syndicating an $850m-equivalent loan to pay for the next stage of development for the five star resort.
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The Dubai Gold and Commodities Exchange (DGCX) is moving forward with plans to broaden its China offering with equity futures for mainland companies. Meanwhile, Bank of China Hong Kong (BoCHK) has received approval to open a branch in Brunei, the first for a Chinese bank.
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The Emirate of Abu Dhabi has mandated three banks to roadshow dollar benchmark, jumping into the market for its first bond since 2009 ahead of up to $20bn of potential sovereign supply from the region this year.
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The $250m loan for Gulf schools operator GEMS Education has been signed with mostly Middle Eastern banks in the syndicate.
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Dubai Islamic Bank priced the year’s first public bond from a Gulf Co-operation Council financial borrower tight to its existing curve on Tuesday thanks to strong demand from regional investors.
