Higher global interest rates and a pause in deals from Egypt and Qatar contributed to the lower volume, despite continued activity in Saudi Arabia and the UAE
Bonds
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Abu Dhabi Securities Exchange
Abu Dhabi’s ADX lists first blockchain bond in MENA region
The bond listing represents a collaboration between ADX, HSBC, and FAB, combining regional financial leadership with global expertise in digital issuance
Aramco
Saudi Aramco issues 5-30 year dollar-denominated bonds for $5bn
The oil giant still has a low gearing ratio among global oil companies, which gives them room for increased borrowing, if needed
Abu Dhabi
Abu Dhabi’s ADQ raises $2bn in oversubscribed bond sale
The issuance marked ADQ’s third offering in international debt capital markets and will support the diversification of its funding sources
Biodiversity
Dubai-based DP World issues the region’s first Blue Bond
The $100 million, 5-year Blue Bond priced at 5.25% coupon rate; Will fund significantly under-funded SDG 14 and SDG 6 of the United Nations
Agricultural Bank of China
Nasdaq Dubai sees listing of $2bn of bonds from China
China’s Ministry of Finance lists two bonds worth combined $2bn on Nasdaq Dubai
bond issuance
China mandates investment banks for $2bn USD bond issuance in Saudi Arabia: Report
China plans to issue up to $2 billion in senior, unsecured fixed-rate bonds in Saudi Arabia
bond issuance
Sustainable bond issuance slows down in the region despite bond market uptick
S&P Global Ratings report says bond issuance down 18%; COP28’s halo effect and rising interest rates cited as reasons
bond issuance
Qatar’s Ooredoo’s $500mn bond oversubscribed 3.6 times
Annual coupon rate of 4.625%; Priced with a spread of 88 basis points over 10-year US Treasuries, the tightest in Ooredoo history
Abu Dhabi
TAQA successfully prices $1.75bn dual-tranche bond offering
Prices a $850 million 12-year green bond at a coupon rate of 4.75%; $900 million 7-year conventional bonds bear a rate of 4.375%
Sukuk
UAE treasury bonds and sukuk hit $6.8bn milestone
Both programmes have seen strong demand, with auctions consistently oversubscribed