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
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
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’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
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
Nasdaq Dubai sees listing of $2bn of bonds from China
China’s Ministry of Finance lists two bonds worth combined $2bn on Nasdaq Dubai
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
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
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
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%
UAE treasury bonds and sukuk hit $6.8bn milestone
Both programmes have seen strong demand, with auctions consistently oversubscribed