{"id":633780,"date":"2024-07-21T00:00:00","date_gmt":"2024-07-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/"},"modified":"2024-07-21T00:00:00","modified_gmt":"2024-07-21T00:00:00","slug":"uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/","title":{"rendered":"UAE\u2019s Masdar raises USD 1 bn in its second green bond issuance"},"content":{"rendered":"

UAE state-owned renewable energy developer Masdar has raised USD 1 bn in its second <\/strong>green bond issuance: <\/strong>The issuance consisted of two tranches worth USD 500 mn each, with five- and 10-year tenors, carrying yields of 4.875% and 5.25%, according to a press release(pdf)<\/a>. The energy giant raised USD 750 mn last year in its debut green bond sale<\/a>, which it listed on both the London Stock Exchange and the ADX.<\/p>\n

We knew this was in the works: <\/strong>Masdar said <\/span>in April<\/a> that it was planning to take a green bond issuance worth between USD 750 mn and 1 bn to market this year to secure funding for its renewable projects in Central Asia, specifically in Uzbekistan and Azerbaijan. This comes as part of a USD 3 bn bonds program aimed at funding clean energy initiatives in the UAE and globally.<\/span><\/p>\n

The issuance saw strong demand,<\/strong> booking USD 4.6 bn in orders with a 4.6x oversubscription. Some 70% of the allocation went to international investors with the balance going to MENA investors. <\/p>\n

ADVISORS: <\/strong>Our friends at HSBC, along with Abu Dhabi Commercial Bank, Citigroup, Credit Agricole, First Abu Dhabi Bank (FAB), Mitsubishi UFJ Financial Group, Natixis, and Standard Chartered Bank acted as joint lead managers and bookrunners.<\/p>\n

BACKGROUND- The regional sustainable debt market has been on a tear this year:<\/strong> UAE\u2019s Sharjah government issued EUR 500 mn in sustainability bonds<\/a>, while Kuwait\u2019s Warba Bank issued USD 500 mn green sukuk<\/a>, and Qatar\u2019s USD 2.5 green bond<\/a> attracted USD 14 bn in orders. Al Rajhi also raised USD 1 bn from a 5-year sustainable sukuk sale in March<\/a>. Meanwhile, Qatar\u2019s QIIB<\/a> listed USD 500 mn sustainable sukuk issuance on the London Stock Exchange in January, and the UAE sovereign fund Mubadala<\/a> listed USD 4.5 bn and AED 750 mn green bonds on the ADX. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,653<\/p>\n<\/td>\n

\n

+1.1% (YTD: +15.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.18<\/p>\n<\/td>\n

\n

Sell 48.32<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 48.2<\/p>\n<\/td>\n

\n

Sell 48.3<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,188<\/p>\n<\/td>\n

\n

+0.3% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,246<\/p>\n<\/td>\n

\n

+0.2% (YTD: -3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,181<\/p>\n<\/td>\n

\n

+0.3% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,505<\/p>\n<\/td>\n

\n

-0.7% (YTD: +15.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,156<\/p>\n<\/td>\n

\n

-0.6% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

4,827<\/p>\n<\/td>\n

\n

-0.9% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.63<\/p>\n<\/td>\n

\n

-2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.13<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,447<\/p>\n<\/td>\n

\n

-2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 67,061<\/p>\n<\/td>\n

\n

+0.2% (YTD: +59.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.1% at Thursday\u2019s close<\/strong> on turnover of EGP 4.0 bn (equal to the 90-day average). Regional investors were the sole net sellers. The index is up 15.1% YTD.<\/p>\n

In the green: <\/strong>Eastern Company (+5.7%), Elsewedy Electric (+5.3%), and GB Corp (+5.2%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-3.1%), Juhayna (-2.8%), and EFG Holding (-1.4%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

Qalaa\u2019s debt buyback program comes to an end: <\/strong>Shareholders who subscribed to Qalaa Holdings\u2019 debt buyback program will start receiving their debt notes \u2014 through authorized brokerage firms \u2014 starting 1 August and until 15 August, the company said in an EGX disclosure (pdf)<\/a>. <\/p>\n

Remember: <\/strong>The debt buyback program<\/a> is part of a wider plan to retire some USD 430 mn in foreign-currency debt. The company raised over EGP 2.6 bn from shareholders<\/a> in the two-phase program.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance was 4.6x oversubscribed.<\/p>\n","protected":false},"author":1,"featured_media":633781,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[88,72,119,224,8648,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt-watch","tag-enterpriseam","tag-financial-markets","tag-green-bonds","tag-masdar","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"8c81ffbb-b7d3-4261-b696-f616baa222ee","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1535.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s Masdar raised USD 1 bn through the the region\u2019s latest green bond issuance","related_issue":[633763],"teaser":"The issuance was 4.6x oversubscribed.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.8d508bdc-7dfb-4901-97ef-8b83800fb96e.mp3"},"yoast_head":"\nUAE\u2019s Masdar raises USD 1 bn in its second green bond issuance - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s Masdar raises USD 1 bn in its second green bond issuance\" \/>\n<meta property=\"og:description\" content=\"The issuance was 4.6x oversubscribed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-21T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1535.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"UAE\u2019s Masdar raises USD 1 bn in its second green bond issuance\",\"datePublished\":\"2024-07-21T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/\"},\"wordCount\":479,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1535.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt watch\",\"EnterpriseAM\",\"Financial Markets\",\"green bonds\",\"Masdar\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/uaes-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\/\",\"name\":\"UAE\u2019s Masdar raises USD 1 bn in its second green bond issuance - 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Some\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/325.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574953,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/28\/could-we-be-fast-approaching-our-maiden-green-bond-issuance\/","url_meta":{"origin":633780,"position":1},"title":"Could we be fast approaching our maiden green bond issuance?","author":"enterpriseam admin","date":"28 September 2020","format":false,"excerpt":"Egypt will soon go to market with its first maiden sovereign green bond, Finance Minister Mohamed Maait said yesterday, saying the ministry was \u201cpreparing to launch\u201d the offering. Maait stopped short of offering guidance on timing, but had said in July that the USD 500 mn offering was in \u201cadvanced\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577305,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/infinity-hassan-allam-utilities-masdar-ink-2-gw-green-hydrogen-agreement-ebrd-invests-more-in-infinity\/","url_meta":{"origin":633780,"position":2},"title":"Infinity, Hassan Allam Utilities, Masdar ink 2 GW green hydrogen agreement + EBRD invests more in Infinity","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"Our friends at Infinity and Hassan Allam Utilities alongside UAE clean-energy giant Masdar have inked a framework agreement for a 2 GW green hydrogen plant they will build in the Suez Canal Economic Zone. The SCZone plant will be operational by 2026, they said in a statement (pdf). The investment\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563441,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/its-official-cib-confirmed-to-be-our-first-corporate-green-bond-issuer\/","url_meta":{"origin":633780,"position":3},"title":"It\u2019s official: CIB confirmed to be our first corporate green bond issuer","author":"enterpriseam admin","date":"4 July 2021","format":false,"excerpt":"FRA signs off on CIB\u2019s USD 100 mn corporate green bond issuance: The Financial Regulatory Authority (FRA) signed off on Egypt\u2019s first corporate green bond issuance last Wednesday, which, as expected, is being piloted by our friends at CIB, the FRA said in a statement. Subscription for the issuance opened\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/15.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546160,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/05\/ebrd-buys-into-scatecs-green-bond-issuance\/","url_meta":{"origin":633780,"position":4},"title":"EBRD buys into Scatec\u2019s green bond issuance","author":"enterpriseam admin","date":"5 May 2022","format":false,"excerpt":"The European Bank for Reconstruction and Development (EBRD) has confirmed that it is snapping up to USD 100 mn worth of Scatec\u2019s USD 334.5 mn green bond issuance to refinance its six solar plants in Benban. The EBRD is also providing a USD 30 mn credit enhancement facility for participating\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542940,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/ebrd-writes-usd-100-mn-check-for-scatecs-green-bond\/","url_meta":{"origin":633780,"position":5},"title":"EBRD writes USD 100 mn check for Scatec\u2019s green bond","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"EBRD backs Scatec Solar Benban green bond: The European Bank for Reconstruction and Development (EBRD) will subscribe to almost a third of Scatec Solar\u2019s upcoming green bond issuance, which will use the proceeds to support its solar plants in Benban, according to the bank\u2019s website. 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