UAE corporates are kicking off the year with a rush to debt markets, with Emirates NBD set to issue USD 700 mn notes on the Taipei Exchange, FAB issuing sukuk, and Aldar pricing its USD-denominated Reg S hybrid subordinated notes.

#1- Emirates NBD has issued USD 700 mn senior unsecured five-year notes, which will be listed on the Taipei Exchange, Zawya reports. The lender set the final pricing guidance at the Secured Overnight Financing Rate (SOFR) plus 110 bps, with denominations of USD 200k and increments of USD 1k beyond that. Settlement is scheduled for 22 January, with the issuance maturing on 22 January 2030.

ADVISORS- Australian and New Zealand Banking Group (ANZ) in Taipei, and Standard Chartered Taiwan are acting as joint managers. Emirates NBD Capital is the structuring agent.

#2- Aldar prices USD hybrid notes: Aldar Properties has started marketing its USD-denominated Reg S hybrid subordinated notes, pricing the issuance in the low 7% area, IFR reports. The bonds, which have a 30.25 tenor, and are callable in 7.25 years, include a 500 basis point (bp) step-up if not called. The issuance was rated by Moody’s one notch below Aldar’s Baa3 issuer rating at Baa2.

REFRESHER- Aldar Properties tapped banks earlier this week as it was preparing to issue the benchmark-sized Reg S hybrid subordinated notes. The company plans to use the proceeds from the bond issuance for general corporate purposes.

ADVISORS- Citi was appointed as the sole structuring advisor, global coordinator, and joint bookrunner. Our friends at Mashreq, along with Abu Dhabi Commercial Bank, Bank of China, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, IMI-Intesa Sanpaolo, JP Morgan, Rakbank, and Standard Chartered Bank, are also serving as joint lead managers and bookrunners.

#3- Meanwhile, First Abu Dhabi Bank subsidiary FAB Sukuk is issuing a five-year unsecured USD sukuk as part of its USD 5 bn trust certificate program, according to a press release. The sukuk is set to be listed on the London Stock Exchange.

The details: The bank is set to settle the Islamic bond on 16 January. Initial price thoughts are T+100 bps, with the profit rate to be decided or based on a 30/360 day count convention. The size of the issuance has not been disclosed.

REMEMBER- FAB was also the first to issue sukuk globally in 2024, taking a five-year USD 800 mn issuance to market at 85 bp over US treasuries, good for an all-in yield of nearly 4.8%.

ADVISORS- Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB, Industrial and Commercial Bank of China, Jeddah-based Islamic Corporation for the Development of the Private Sector, and Standard Chartered were appointed as joint lead managers and book runners.

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