Fitch Ratings has assigned GreenSaif Pipelines Bidco S.a.r.l. an expected Long-Term Issuer Default Rating of ‘A(EXP)’. Fitch has also assigned GreenSaif’s expected US-dollar denominated bonds a ‘A(EXP)’ rating. The Outlooks are Positive.
The government of Sharjah, one of the seven United Arab Emirates, has hired banks to arrange a sale of dollar-denominated debut sustainable bonds, a bank document showed on Monday.
Fitch Ratings has affirmed National Bank of Kuwait S.A.K.P.’s (NBK) Long-Term Issuer Default Ratings (IDR) at ‘A+’ with a Stable Outlook. Fitch has also affirmed NBK’s Viability Rating (VR) at ‘a-‘.
Global rating agency Moody’s has upgraded Dubai-based DP World’s ratings following major investments in the firm’s flagship UAE assets — the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park.
The bonds, maturing in December 2028, were available in fixed and floating rate tranches, with the floating tranche attracting 67% of the allocation. The fixed rate bond pays investors a coupon of 6.75% annually, while the floating rate pays investors a coupon rate of 3% annually over the declared Central Bank of Kuwait discount rate.
Following the listing, Dar Global will be the UK holding company of the group’s international property development interests and marketing offices
DUBAI, Jan 3 (Reuters) – Dubai’s biggest lender Emirates NBD (ENBD.DU) has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed.
Dubai-based real estate investor Emirates REIT has received sufficient support to proceed with the new terms of its $400 million sukuk.
The Kuwait Projects Company (Holding) has completed the merger with Qurain Petrochemical Industries (QPIC) with the merged entity trading on Boursa Kuwait under a single ticker, KPROJ.
World’s largest district cooling services provider plans to pay a minimum dividend of $232m per annum in the first two fiscal years
Saudi Arabia sold on Tuesday $5 billion in Islamic and conventional bonds for which demand topped $26.5 billion as it held its first international bond sale in almost a year.
Saudi Arabia is planning to issue new bonds and sukuk denominated in US dollars while offering their holders the opportunity to acquire existing notes in exchange for cash.
Abu Dhabi sovereign wealth fund Mubadala is selling 10-1/2-year U.S. dollar-denominated dual-listed Formosa bonds on Tuesday, giving an initial price guidance of about 200 basis points over 10-year U.S. Treasuries, a bank document showed.
Saudi Arabia’s Public Investment Fund faced little scrutiny over its green credentials when it sold $3 billion in green bonds last week in its maiden debt issue, according to people familiar with the transaction.
BankDhofar announced that it has successfully raised OMR115.5 million Basel III compliant Additional Tier 1 (AT1) bond listed on the Muscat Stock Exchange.
Oil-importing countries are vulnerable to soaring energy prices, food inflation and higher global interest rates
Saudi Arabia’s Riyad Bank has privately placed riyal-denominated additional Tier 1 sukuk for a value of SAR3.75 billion at 5.25% yield.
Offering was more than 29 times oversubscribed, drawing strong demand from the UAE and region, with total gross demand at more than $8.7bn
Saudi Arabia’s Public Investment Fund was set to raise $3 billion on Wednesday in its first foray into the debt capital markets, taking advantage of a brief period of calm to become the first sovereign wealth fund to issue green bonds.
The Abu Dhabi bourse also signed an initial agreement with Muscat Clearing and Depository Company to further develop clearing and central depository functions in two markets
Secular growth companies increasing productivity through AI, the cloud, Internet of Things and 5G are more likely to deliver attractive returns
The Private Department of Sheikh Mohamed Bin Khalid al-Nahyan LLC (PD), a relatively small real estate company owned by members of Abu Dhabi’s ruling family, has given price guidance in the 8.875% area for a sale of three-year sukuk expected to raise $300 million, a bank document showed on Thursday.
High commodity prices and the easing of pandemic restrictions will support strong economic recovery across major Islamic finance markets over the next 12 to 18 months, boosting thefinancial performance of Islamic banks.
Saudi Arabia’s stock market saw significant growth in listings in the first half of 2022, with initial public offerings on the main index alone raising SR15.2 billion ($4 billion).
Abu Dhabi Commercial Bank, the United Arab Emirates’ third largest lender, has raised $500 million with debut green bonds, a bank document showed, ending an issuance drought in the region.
Taaleem will be among the Dubai-owned enterprises making the transition to IPOs and a DFM listing. The process was launched by DEWA and then came Tecom Group.
Ahlibank on Sunday announced the successful issuance of its RO75mn additional tier 1 (AT1) capital instrument, which concluded on a private placement basis recently.
Moody’s Investors Service on Tuesday downgraded the rating of fixed rate amortizing senior secured bonds issued by ACWA Power Management and Investments One Ltd. to Ba1 from Baa3.
On 16 July, Central Bank of Oman published its 2022 Financial Stability Report, which announced progress in the introduction of Islamic money market instruments is positive for the Islamic banking sector in Oman.
Saudi Arabia’s stock exchange will launch futures trading on single stocks on July 4, amid efforts to bolster liquidity and lure investors into the region’s biggest bourse.
The Saudi lender mandated Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) as the lead manager and bookrunner for the potential offering
Aluminum Bahrain, also known as Alba, is considering a second listing on Saudi Arabia’s bourse, Bloomberg reported citing unnamed sources.
The linkage is intended to enable international investors to settle domestically issued debt instruments through direct nominee account in Edaa using their current accounts in Euroclear and to achieve greater interoperability within the market
Shares of Abu Dhabi-based petrochemicals company Borouge Plc, which listed on the Abu Dhabi Securities Exchange (ADX) on Friday, rose to 2.90 dirhams on open compared with its issue price of 2.45 dirhams.
The issuance witnessed demand from regional and international investors, with a subscription order of $720m, more than two times the offer size
The United Arab Emirates Ministry of Finance is set to offer its fully Euroclearable domestic Dirhams Treasury Bonds (T-Bonds) issuance to international investors via the international link with the Central Bank of UAE.
The final IDR is contingent on the planned benchmark-size unsecured sukuk being issued, the proceeds of which will be used to repay current debt and fund future developments.
Former chief of Emirates NBD Capital KSA Khalid Al Ruwaigh replaces Ahmed Attiga, who served as the company’s chief executive for five years
Strong profitability, capitalisation and liquidity provide a financial buffer to lenders against potential cyber incidents
Higher interest rates, a weak currency and broader investor wariness of emerging markets suggest Egypt could pay steeply to finance a projected $30 billion budget deficit for the financial year starting in July.
The UAE government’s planned launch of its first UAE dirham-denominated treasury bonds is an important step as it is a key enabler for the development of the nascent domestic Debt Capital Market.
The United Arab Emirates expects to start sales of dirham-denominated Treasury bonds in May in a bid to build its local financial and banking sectors.
The Capital Market Authority (CMA) together with the Muscat Clearing & Depository Company SAOC (MCD) have collaborated with Euroclear Bank to establish a new Euroclear international central securities depository (CSD) account in the Sultanate of Oman which will be operated by MCD.
Fitch Ratings has revised the Outlook on Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the rating at ‘A’.
Gulf Arab nations have pegged their currencies to the dollar for decades. There’s a reason for that: they reduce foreign-exchange risk for states in the region because so much of their revenue comes from oil, which is priced internationally in the U.S. currency
The new company, jointly owned by QIC and QInvest, will be a Sharia‘a compliant entity, regulated by Qatar Financial Centre Regulatory Authority.
First Abu Dhabi Bank (FAB) has priced a 200 million Swiss franc ($213.8 million) four-year green bond issue at SARON (Swiss Average Rate Overnight) + 54 basis points and a coupon of 1.0625%.
Dubai Electricity and Water Authority (DEWA) said on Wednesday it raised 22.3 billion dirhams ($6.1 billion) in the second biggest IPO in the Middle East.
A string of high-profile infrastructure projects ahead of the FIFA World Cup 2022 and an economic diversification programme have pushed up loan demand at Qatari banks, while resident deposits have been stagnant
Fitch Ratings has assigned MDGH GMTN (RSC) Ltd.’s upcoming USD500 million 3% fixed-rate bonds (XS2455985569) due 28 March 2027 and USD1 billion 3.375% fixed rate bonds (XS2455984679) due 28 March 2032 expected long-term ‘AA(EXP)’ ratings.
Initial public offerings in the Middle East are outpacing Europe for only the second time since the global financial crisis, as regional investors put oil-fueled cash piles to work.
KIC is an investment company, established in 1961 and majority-owned by the Kuwait Investment Authority (KIA), Kuwait’s sovereign wealth fund.
Ali Alghanim & Sons has filed to list on Boursa Kuwait in what will be the first share sale by a family-owned business in seven years, people familiar with matter said.
The board of First Abu Dhabi Bank (FAB.AD), the United Arab Emirates’ largest lender, approved on Monday issuance of up to $1 billion in Additional Tier 1 (ATI) bonds, designed to be perpetual.
Saudi Arabia reported a narrower budget deficit for 2021 from what was previously estimated in December, Ministry of Finance showed in a new data release.
Fitch Ratings has revised the Outlook on Oman Telecommunications Company S.A.O.G.’s (Omantel) Long-Term Foreign-Currency Issuer Default Ratings (IDR) to Stable from Negative and affirmed the IDR at ‘BB-‘.
Global sovereign long-term sukuk issuance, including by multilateral development banks (MDBs), fell in 2021 due to the sharp drop in financing needs for major sukuk-issuing sovereigns.
The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence, a generous welfare state and a large public sector.
Abu Dhabi-based solar energy firm Sweihan PV Power Co (SPPC) has sold green senior secured bonds worth $700.8 million at a coupon rate of 3.625 percent.
Saudi National Bank, the kingdom’s largest lender that is 50.4% indirectly owned by the government, sold $750 million in debut “sustainable” sukuk on Wednesday after demand topped $3.2 billion,
Bahrain-based Infracorp, an infrastructure fund spun out of asset manager GFH Financial Group, aims to issue around $800 million in perpetual green sukuk – Islamic bonds – in the first quarter, GFH’s chief executive said on Monday.
Saudi Arabia expects to post its first surplus in about a decade next year, with the Arab world’s largest economy forecast to expand 7.4 per cent.
Moody’s Investors Service upgradedAbu Dhabi’s industrial holding company Senaat’s issuer rating to “A1”, from “A3”, citing the positive impact linked to parent company ADQ’s involvement in its business.
Saudi Arabia sold $3.25 billion in dual-tranche bonds on Tuesday comprising a sukuk tranche and a conventional portion in its third international bond sale of the year, a term sheet viewed by Reuters showed.
Saudi Arabia plans to issue green bonds soon, a finance ministry official said on Monday, as the oil-producing kingdom seeks to embrace environmental, social and governance (ESG) concerns to expand its investor base and finance its transition to a greener economy.
Egypt sold $3 billion in three-tranche bonds on Thursday and tightened the yield across the portions after attracting more than $8.25 billion in demand for its second bond sale of 2021, a bank document showed.
Islamic banking in Oman has seen strong growth since its launch in 2012 and we expect it to reach around 20% of banking assets by 2025, driven by high demand for Shariah-compliant products and evolving supportive government regulation.
Providers of Islamic insurance (takaful) in the Gulf Cooperation Council (GCC) countries reported a decline of over a third in their combined net income during the first half of 2021 (H1 2021) compared with the same period last year.
Asset managers in the Gulf Cooperation Council (GCC) countries expect a solid performance over the next 12 months, according to Moody’s 2021 survey of chief investment officers (CIOs) from eight leading GCC fund firms.
15 September 2021: Fitch Group today announced the launch of Sustainable Fitch, which will offer a comprehensive range of ESG Ratings products at both an entity and instrument level for all asset classes globally.
Standard Chartered is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia, a market it sees will become a “front-runner” for its regional business in coming years, a senior executive said.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank headquartered in Saudi Arabia, has hired a group of international banks to arrange an issuance of U.S. dollar-denominated green bonds with a five-year tenor, a bank document showed on Thursday.
Qatar Petroleum has hired a group of banks to arrange a four-tranche issuance of U.S. dollar-denominated bonds, a document showed, for what will be its debut public bond sale months after it signed a contract to boost its liquefied natural gas output.
Egypt’s parliament — the House of Representatives — approved on Sunday a new bill that will open the door for the government to issue Islamic Sharia-compliant sovereign bonds (Sukuk) on local and foreign markets.
The dollar denominated shariah-compliant sale will be used for general corporate purposes, the oil company said in a Saudi stock exchange filing.
Kuwait’s Ahli United Bank (BKME.KW) has hired banks to arrange the issuance of Additional Tier 1 U.S. dollar-denominated sukuk that will be non-callable for 5-1/2 years, a document seen by Reuters showed on Monday.
Dubai-listed Emirates REIT made no indication it’s willing to compromise with a group of creditors that rejected its proposal to exchange $400 million of sukuk securities for new notes.
Abu Dhabi state fund Mubadala began marketing a two-tranche U.S. dollar-denominated bond deal on Thursday, a document showed, returning to the debt markets less than three months after it raised $1.1 billion.
The bill includes 24 articles, and was approved by the cabinet last November. It aims to contribute to improving the state’s financial performance, and achieving the short- and long-term objectives of covering the budget deficit.
Global forecasts of a “stable” to “negative” change on Kuwait’s sovereign debt rating requires “serious work” to complete financial reforms, Finance Minister Khalifa Hamadeh said on Wednesday
The Fourth Series follows three successful issuances since the Sukuk Programme was established in March 2020.
Emirates NBD Capital, the investment banking arm of Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Turkey region, has recorded its strongest ever quarter in the debt capital markets.
Fitch Ratings has assigned Abu Dhabi Ports Company PJSC (ADP) a first-time Long-Term Issuer Default Rating (IDR) of ‘A+’ with a Stable Outlook.
Qatari telecom operator Ooredoo launched a 10-year bond sale on Wednesday to raise $1 billion at 100 basis points over mid-swaps after receiving more than $3.2 billion in demand
Britain sold 500 million pounds ($686 million) of a sovereign Sukuk in its second foray in the Islamic finance market, the finance ministry said on Thursday.
Jeddah-based Islamic Development Bank has hired a group of banks to arrange an issuance of five-year U.S. dollar denominated sustainability sukuk, or Islamic bonds
Citi, NBK Capital, Standard Chartered, Abu Dhabi Islamic Bank, Boubyan Capital, Emirates NBD Capital, Kamco Invest, Kuwait International Bank and KFH Capital will arrange investor calls
Abu Dhabi state fund Mubadala has tightened guidance for two-tranche euro-denominated bonds comprising six- and 13-year paper after receiving over 2 billion euros ($2.41 billion) in combined orders
The Arab Petroleum Investments Corporation (APICORP) on Wednesday sold $250 million of bonds maturing in February 2026 in a reopening of a bond sale last month, a document showed.
Bonds in Ezdan Holding Group slumped after S&P Global Ratings said Qatar’s biggest property developer faces the risk of a default or debt restructuring.
Saudi Arabia joined the ranks of countries that get paid to borrow in euros as the outlook for the kingdom turns favorable with a recovery in oil prices.
Egypt raised $3.8 billion in its first international bond sale of the year, taking advantage of low borrowing costs as it seized on demand from investors from the U.S. to Asia.
First Abu Dhabi Bank, the largest lender in the United Arab Emirates, raised 750 million euros ($907.73 million) through the sale of five-year bonds on Tuesday, its debut euro-denominated issue
First Abu Dhabi Bank gave initial price guidance of around 115 basis points over UK gilts for sterling-denominated bonds due in December 2025, a document showed on Tuesday.
Qatar’s Commercial Bank is planning to raise at least $1 billion through bond issues in the coming months, Chief Executive Joseph Abraham said, as the bank looks to take advantage of positive market conditions to boost its capital.
Oman Electricity Transmission Company has hired banks to arrange a U.S.-dollar denominated issuance of seven-year or 10-year bonds, a document showed on Monday.
The Bank has mandated Citigroup Global Markets Limited, Emirates NBD Capital, Goldman Sachs International, J.P. Morgan Securities plc, MUFG Securities EMEA plc, NCB Capital Company and Standard Chartered Bank as Joint Lead Managers and Bookrunners for the potential offer.
First Abu Dhabi Bank, the UAE’s largest lender by assets, raised 1.5 billion Chinese yuan ($232 million) through the sale of a five-year formosa bond.
First Abu Dhabi Bank, the UAE’s biggest bank by assets, raised $500 million through a benchmark sukuk, the first global Sharia-compliant bond offering of the year, as it continues to diversify its funding base.
Saudi Arabia’s economy will grow 3.2 per cent in 2021 as the kingdom recovers from a slowdown induced by the Covid-19 pandemic and continues to spend on infrastructure projects.
Kuwait’s second largest conventional bank by asset size, has placed $500 million Subordinated Tier 2 Capital Securities (bonds) in the international debt capital markets.
Kuwait’s emir on Monday approved a new cabinet that included new ministers of oil and finance for the OPEC member state which is mired in its worst economic crisis in decades.
The UAE government has kept its Aa2 sovereign rating – the highest in the region – with a stable outlook from global ratings agency Moody’s Investors Service.
Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year
Kuwait International Bank sold $300 million Tier 2 sukuk, or Islamic bonds, on Tuesday at 2.375% and received more than $2.4 billion in orders for the Islamic bonds.
Oman is discussing a loan of at least $1 billion with a group of banks, sources said, as the oil-producing Gulf state seeks more funding ahead of heavy debt redemptions over the next two years.
Islamic banks face more complexities than conventional banks in the transition away from legacy interbank offered rates (IBORs), given their additional need to ensure sharia compliance,
Kuwait International Bankhas hired banks to arrange investor calls starting on Wednesday for the planned issuance of Tier 2 U.S. dollar-denominated 10-year sukuk that are non-callable for five years,
Saudi Aramco was set to raise $8 billion from a five-part bond deal on Tuesday as the world’s largest oil producer seeks cash after low oil prices dented its finances.
The move is part of an onslaught on international debt markets by Gulf issuers seeking to plug finances hit by the pandemic and weak oil prices
National Bank of Kuwait has given initial price guidance of 2.875% for $300 million in Tier 2 bonds with a 10-year maturity that are non-callable for five years
Saudi Aramco said on Monday it has hired a group of banks ahead of a multi-tranche U.S. dollar-denominated bond issuance, as the world’s largest oil company seeks to raise cash amid lower oil prices.
Dubai Islamic Bank began marketing on Thursday U.S. dollar-denominated Additional Tier 1 sukuk, or Islamic bonds, at an initial price guidance of around 5.25%
The Government of Oman represented by the Ministry of Finance (MoF) has announced the successful completion of Series 4 of the Omani Rial Sukuk issuance programme.
The ‘AA-‘ rating applies to the federal government of the UAE. It reflects the UAE’s moderate consolidated public debt level, strong net external asset position and high GDP per capita.
Saudi Arabia’s outlook was cut to negative from stable by Fitch Ratings as the coronavirus pandemic and lower oil prices clobber the kingdom’s finances.
Etihad Airways sold $600 million in the world’s first transition sukuk and the first sustainability-linked financing in global aviation as part of its commitment to environmental sustainability.
The transaction comes after the UAE’s national carrier became the first airline to secure commercial funding conditional upon compliance with the UN sustainable development goals in December last year.
Over a 10-year period between 2009 and 2019, the annual growth rate of sukuk in terms of issuance volume has outstripped conventional bonds. Global sukuk registered a 5.2 per cent compound annual growth rate, compared to 2.3 per cent for conventional bonds. Annual growth rates alone do not convey the full story, though, as the conventional bond market towers over the sukuk market in volume terms.
DUBAI (Reuters) – Etihad Airways, wholly owned by the Abu Dhabi government, is planning to sell U.S. dollar-denominated ‘transition’ sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.
Dubai: Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, started marketing long five-year bonds at around 300 basis points over mid-swaps, a document showed on Wednesday.
DUBAI – Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has hired banks to arrange investor calls ahead of a planned issuance of U.S. dollar-denominated bonds, a document from one the banks hired showed on Monday.
The United Arab Emirates will likely issue its first federal bonds by the end of the year or in the first quarter of 2021, UAE newspaper Al Roeya said,
citing a finance ministry official.
The UAE permitted the federal government to begin issuing sovereign debt in 2018, which is usually sold by individual emirates.
DUBAI – Commercial Bank of Dubai has hired a group of banks to arrange a global investor call ahead of a potential issuance of U.S. dollar-denominated perpetual bonds, a document showed on Monday.
The Islamic Corporation for the Development of the Private Sector, (ICD), a multilateral development financial institution and the private sector arm of the Islamic Development Bank Group (IsDBG), announced a successful completion of the pricing of a five-year $600 million Sukuk issuance at MS + 140bps.
DUBAI- The Islamic Corporation for the Development of the Private Sector, part of Jeddah-based Islamic Development Bank Group, sold $600 million in sukuk on Wednesday, a document showed.
Egypt pulled in orders for nearly five times the $750 million size of the Middle East and North Africa’s first sovereign green bond, as it pushes ahead with anti-pollution and renewable energy projects.
Maait explained that Egypt has a portfolio of eligible green projects worth $1.9bn, of which 16% are in the field of renewable energy. A further 19% are in clean transportation, 26% in sustainable water and sanitation management, and 39% in pollution reduction and control.
DUBAI, Sept 22 (Reuters) – Oman plans to issue U.S. dollar-denominated bonds soon, targeting $3 billion to $4 billion with the deal, two sources said, as the Gulf state seeks to bolster finances badly hit by a slump in oil prices.
DUBAI: Emirates Islamic Bank sold $500 million in five-year sukuk, or Islamic bonds, on Wednesday after receiving around $1.1 billion in orders for the debt sale, a document showed.
It hired Emirates NBD Capital, HSBC, The Islamic Corporation for the Development of the Private Sector, and Standard Chartered to arrange investor calls
It gave initial price guidance of around 170 basis points over midswaps for a tranche of five-year sukuk and around 200 bps over midswaps for a 10-year sukuk tranche
DUBAI, Sept 3 (Reuters) – Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
Saudi Basic Industries Corp, the world’s fourth-biggest petrochemicals firm, has hired banks to arrange the sale of U.S. dollar-denominated 10-year bonds and 30-year Formosa bonds
It tightened price guidance by 30 basis points to around 220 basis points over midswaps for 10-year sukuk tranche and by 25 bps to around 4.125% for 30-year bonds
DUBAI- Qatar’s Ahli Bank sold $500 million in five-year bonds at 165 basis points (bps) over midswaps and received more than $1.9 billion in orders for the debt sale, a document showed on Tuesday.
DUBAI – The government of Dubai started marketing a dual-tranche bond on Wednesday, its first sale in public debt markets in six years, as the Middle East trade and tourism hub seeks to boost finances hit by the coronavirus crisis.
It has mandated Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered to arrange the calls, which will begin on Monday
DUBAI, Aug 26 (Reuters) – Qatari Islamic lender Masraf Al Rayan began marketing a five-year U.S. dollar-denominated sukuk on Wednesday, a document showed.
It gave an initial price guidance of 220 basis points over midswaps for the Islamic bonds, the document from one of the banks arranging the deal showed. It is expected to close later on Wednesday.
Ratings agency Fitch has cut the credit ratings of several Omani banks and companies after downgrading the sovereign itself earlier this month for the second time this year, it said on Wednesday.
DUBAI – Abu Dhabi began marketing on Tuesday a U.S. dollar-denominated bond, in its third foray into the international debt markets this year as the oil-rich emirate props up its finances following a fall in crude prices.
Masraf Al Rayan hired Al Rayan Investment, Credit Agricole, HSBC, Mizuho, MUFG, QNB Capital, Societe Generale and Standard Chartered to arrange investor calls
The appointment of a new finance minister and chairman of the country’s central bank pave the way for fiscal and economic reforms, according to analysts.
DUBAI- The government of Abu Dhabi is in talks with banks for a new international bond issue, sources said, having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis.
DUBAI/RIYADH, Aug 18 (Reuters) – Saudi Basic Industries Corp 2010.SE, the world’s fourth-biggest petrochemicals firm, has picked banks to arrange a U.S. dollar denominated bond issue, two sources said, as corporates and governments in the Gulf seek to raise cash amid a recession.
Fitch Ratings – Hong Kong – 17 Aug 2020: Fitch Ratings has downgraded Oman’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-‘ from ‘BB’. The Outlook is Negative.
KUWAIT- The Kuwait parliament’s financial and economic committee rejected the proposed public debt law that would allow the government to borrow 20 billion dinars ($65.43 billion) over 30 years, the committee head said on Sunday.
Fitch Ratings – Hong Kong – 14 Aug 2020: Fitch Ratings has downgraded Bahrain’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘. The Outlook is Stable.
State Street has bolstered its Middle East presence after opening its first office in Saudi Arabia.Based in Riyadh, State Street Saudi Arabia Financial Solutions will provide investment services and asset management for institutional investors in the region. It is licensed to conduct agency-based dealing, discretionary portfolio management, advising and custody activities.
As a global leader in credit ratings and research, Fitch is recognized in the Middle East for in-depth research and analysis across all major sectors including Corporate, Structured, Islamic Finance, Financial Institutions, Government, Infrastructure, and Project Finance. Our analytical teams have a global perspective with local market expertise which is valued by investors in the Middle East and across the globe.
Sovereign sukuk issuance in the Gulf is expected to pick up pace in the second half of this year, driven by higher government funding needs amid lower oil prices and the pandemic-driven economic slowdown, according to Moody’s Investors Service.
UAE – Mubasher: The Arab Monetary Fund (AMF) has signed an agreement with the Central Bank of the UAE (CBUAE) to provide settlement services in dirham (AED) through its Buna platform, a multi-currency payment platform.
First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised 3.6 billion Chinese yuan (Dh1.8bn) through the sale of a five-year formosa bond.
The issue is the largest denominated in Chinese yuan globally, FAB said in a statement on Tuesday. Formosa deals refer to bonds issued in Taiwan by foreign borrowers, but are denominated in currencies other than the Taiwanese dollar.
Moody’s Investors Service downgraded the Lebanese government’s issuer rating to C, its lowest grade, saying there is a high likelihood of “significant losses” for private creditors.
Government funding needs in the Gulf Cooperation Council (GCC) have increased significantly in 2020, as low oil prices and the economic repercussions of the COVID-19 pandemic have significantly widened governments’ fiscal deficits. We expect total GCC government debt to increase by a record-high of about $100 billion in 2020 alone, with an additional $80 billion run-down in government assets to finance an aggregate GCC central government deficit of about $180 billion. Based on our macroeconomic assumptions, we expect to see GCC government balance sheets continue to deteriorate up until 2023.
DUBAI, July 13 (Reuters) – Sharjah, the third-largest emirate of the United Arab Emirates, has hired banks to arrange the issuance of U.S. dollar-denominated 30-year Formosa bonds, a document showed on Monday.
Bahrain Bourse specified that the subscription period through the registered brokers is effective on July 9, 2020 until of July 15, 2020
Fitch Ratings – London – 07 Jul 2020: Fitch Ratings has assigned DP World Salaam Limited’s (DPWS) USD1.5 billion hybrid Sukuk instruments final ratings of ‘BB’ with a Stable Outlook. The final rating is in line with the expected rating assigned on 22 June 2020.
Oman is seeking a $2 billion bridge loan from international and regional banks, a source familiar with the matter said on Friday, confirming a report by LPC, a fixed income news service owned by Refinitiv.
Kuwait International Bank (KIB) has received preliminary approval from the Central Bank of Kuwait (CBK) on 30 June for a Sukuk issuance programme.
AMMAN — Jordan, on behalf of the Ministry of Finance and in cooperation with the Central Bank of Jordan, on Tuesday issued a double-tranche Eurobond at $500 million at 4.95 per cent over five-year maturity and $1.25 billion at 5.85 per cent over 10-year maturity.
Fabrice Susini, CEO of Saudi Real Estate Refinance Co. (SRC), said that the size of the local mortgage market stood at nearly SAR 240 billion by the end of Q1 2020, expecting growth to reach SAR 800 million by 2028.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced the issuance of a benchmark USD750 million dollar-denominated five-year bond, as part of its USD3 billion Global Medium-Term Note (GMTN) program.
The bank has hired Emirates NBD Capital, HSBC and Standard Chartered to coordinate the potential deal, with Bank of America, Citi, and First Abu Dhabi Bank also involved
DUBAI- Dubai-based port operator DP World is expected to sell about $1.5 billion in perpetual sukuk, or Islamic bonds, at 6.125%, a document showed on Wednesday.
DUBAI- Dubai Islamic Bank (DIB), the largest Islamic lender in the United Arab Emirates, sold $300 million in a reopening of its existing sukuk issuance maturing in 2026, a document showed on Tuesday.
Qatar National Bank, the Gulf’s biggest lender by assets, is set to raise 1.2 billion Chinese yuan ($170 million) through five-year bonds it sold on Monday with a 3.85% annual rate, according to a document detailing terms of the issue seen by Reuters.
UBAI, June 22 (Reuters) – Port operator DP World has hired a group of banks for a potential sale of perpetual U.S. dollar-denominated Islamic bonds or sukuk, a document showed on Monday.
JAKARTA – The government of Indonesia issued $2.5 billion in wakalah global sukuk in three tranches on Wednesday (June 17), one of which was a green sukuk.
The Islamic Development Bank (“IsDB”) raised US$ 1.5 billion with its first-ever Sustainability Sukuk to tackle the aftermath of the COVID-19 pandemic in its Member Countries.
Fitch Ratings-Dubai/London-17 June 2020: Fitch Ratings says that the recent volatility in key Islamic finance markets caused by the coronavirus pandemic, oil price fall and cuts in central banks repo rates highlights the need to use effective sharia-compliant derivatives as hedging tools (tahawwut). However, derivatives markets remain underdeveloped in most countries where Islamic finance is prevalent.
DUBAI, June 17 (Reuters) – Jeddah-based Islamic Development Bank began marketing five-year U.S. dollar-denominated sukuk on Wednesday, a document showed.
Fitch Ratings – London – 16 Jun 2020: Fitch Ratings has downgraded DP World PLC’s (DPW) Long-Term Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BBB’ and Short-Term IDR to ‘F3’ from ‘F2’. The Rating Watch Negative has been resolved, and the Outlooks have been revised to Stable.
First Abu Dhabi Bank, the UAE’s largest lender by assets, issued a dual-listed, 1.4 billion Chinese yuan (Dh726.4 million) five-year formosa bond.
TUNIS: Tunisian Prime Minister Elyes Fakhfakh said on Sunday he had decided against the use of more external debt and that all new expenses that arise for the country would be funded only through internal loans.
The chief executive of Dubai Islamic Economy Development Centre outlined the phases for the development of a unified legal framework for Islamic finance during a meeting to discuss Dubai’s contribution to the Islamic economy.
Shareholders of Oman’s Taageer Finance Company have approved the issuance of up to 10 million Omani riyals ($25.97 million) unsecured and unconvertible secondary bonds.
S&P Global Ratings said it has taken fewer ratings actions on banks globally in May due to measures taken by lenders to protect their balance sheets from the impact of the Covid-19 pandemic.
Dubai Islamic Bank (DIB), the largest Sharia-compliant lender in the UAE, closed a $1 billion (Dh3.67bn) 5-year sukuk with a profit rate of 2.95 per cent despite a challenging global environment due to the coronavirus pandemic.
Oman’s Sultan has appointed Abdulsalam al-Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate’s sovereign wealth funds, Omani state television reported on Monday.
French investment bank Natixis said on Tuesday it has appointed Barbara Riccardi as the regional head of its Middle East operations and Simon Eedle as the senior country manager for the UK branch.
Turkey’s Treasury and Finance Ministry announced on Tuesday that it had reached a deal with the international central securities depository Euroclear Bank to enable greater investor access to the local government bond market.
Islamic bonds issued by Dubai’s Meraas Holding, a state-linked property developer, have shot up in value after the government announced the company would come under the umbrella of the ruler of Dubai’s investment vehicle Dubai Holding.
The United Arab Emirates (UAE) economy is likely to contract by 3.6% this year after economic activity slowed because of the coronavirus pandemic, the central bank said on Wednesday.
Sharjah Islamic Bank has hired banks to arrange the sale of benchmark dollar sukuk, three sources with knowledge of the matter told Reuters.
The Central Bank of Bahrain (CBB), in collaboration with Bahrain Bourse, has rolled out a new Murabaha Sukuk Service that will be fully Shari’ah compliant. The new Islamic liquidity and borrowing tool is a major step forward
Sharjah, United Arab Emirates(AETOSWire): Sharjah Finance Department (SFD) recently established a framework worth AED 4 billion to enhance liquidity for the Sharjah banking system in the emirate. This move was aimed at providing additional financial assistance to all businesses impacted by the outbreak of COVID-19.
Abu Dhabi: The Emirate of Abu Dhabi on May 19, 2020 successfully reopened its recent multi-tranche international bond offering with a $3 billion tap issue, which attracted strong investor interest.