CEEMEA REPORT: A flurry of deals on offer; Azule Energy debuts USD offering

Deals in Market Today

• There are two live deals in the pipeline on Monday. First up is Africa Finance Corporation, a multilateral development finance institution dedicated to infrastructure financing and advisory in Africa, rated A3 (stable) by Moody's, which has gone live at the 8% area IPTs on its USD-denominated Reg S PNC5.25 Hybrid bond.
  • AFC has mandated BofA Securities, Emirates NBD Capital, J.P. Morgan, Mashreq, MUFG and Societe Generale as Joint Bookrunners.
  • The deal has an expected rating of Baa3 by Moody’s.

• In addition, First Abu Dhabi Bank PJSC, rated Aa3 Stable (Moody's) / AA- Stable (S&P) / AA- Stable (Fitch), which has launched a USD750m 5yr (Jan-2030) Senior Unsecured Note at SOFR+100bp, in from the SOFR+100bps guidance.
  • The deal has an expected issue rating of Aa3 (Moody's).
  • HSBC Bank and Standard Chartered Bank are the managers. First Abu Dhabi Bank acts as the structuring agent.

New Announcements and Market Wrap

• Nova Ljubljanska banka d.d., Ljubljana, the largest banking and financial institution in Slovenia by total assets, rated A3 (Positive) by Moody’s and BBB (Stable) by S&P, will is scheduled to commence a series of fixed income investor calls commencing today (January 13) to advertise a EUR500m (WNG) Reg S Senior Preferred offering.
  • The issuer has mandated BNP Paribas, BofA Securities, Erste Group, Morgan Stanley, and Nova Ljubljanska banka d.d., Ljubljana as Joint Bookrunners and Raiffeisen Bank International as Co-Lead Manager.
  • A direct link to the net roadshow can be found here.
  • Leads have circulated the following comps:

• Also, Turkcell Iletisim Hizmetleri A.S., the largest mobile operator in Turkiye and one of the world's leading converged communication and digital service players, is set to hold a series of fixed income investor calls today (January 13) to advertise a USD fixed-rate Reg S senior unsecured dual-tranche bond offering comprising of 5-year conventional and 7-year inaugural Sustainable tranches.
  • Turkcell has mandated BofA Securities, Emirates NBD Capital, HSBC and J.P. Morgan as Joint Bookrunners.
  • Turkcell published its inaugural Sustainable Finance Framework and Second Party Opinion on its website.

• Azule Energy Finance Plc, a wholly-owned subsidiary of Azule Energy Holdings Limited, has mandated Citi, J.P. Morgan, Standard Bank and Standard Chartered Bank as Joint Global Coordinators and Bookrunners, and Rand Merchant Bank as Bookrunner to arrange physical investor meetings to commence today (January 13). A Global Investor Call will also take place at 1:30pm UK / 8:30am NY on the same day.
  • Azule Energy is advertising its debut USD Reg S senior unsecured, benchmark sized, 5NC2 notes.

• Furthermore, Bapco Energies B.S.C, the strategic energy investment & development arm of the Kingdom of Bahrain, wholly-owned by the sovereign and rated B+ (stable outlook) by Fitch, has arranged a series of fixed income investor calls (including a GIC) to sell a USD bmk Reg S fixed rate 7- or 10-year senior unsecured Sukuk offering.
  • The issuer has mandated Citi, GIB Capital, HSBC, J.P. Morgan, Mashreq, National Bank of Bahrain and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.

• Banque Saudi France, rated A1 (stable) / A- (stable) / A- (stable) by Moody’s/S&P/Fitch, a leading banking group based in Saudi Arabia, which is advertising a USD 5yr bmk Reg S Senior Unsecured Sukuk. A GIC is scheduled to commence today (January 13) [participation link here].
  • BSF has mandated HSBC Bank plc as Sole Global Coordinator and Abu Dhabi Commercial Bank, BSF Capital, Citi, Crédit Agricole CIB, Emirates NBD Capital, Goldman Sachs International, HSBC Bank plc and the Islamic Corporation for the Development of the Private Sector, Mashreq, Mizuho and SMBC Nikko as Joint Lead Managers.
  • A link to the investor presentation can be found here.
  • BSF was last in the markets in January last year, where it landed a USD700mn 5yr (Jan-2029) Reg S Sukuk at T+105bps, in from the T+135bpsa, off the back of USD2.4bn in demand.
  • Leads have circulated the following comps:

• In addition, Al Rajhi Banking and Investment Corporation, rated Aa3 by Moody’s (Stable), A- by S&P (Positive) and A- by Fitch (Stable), the world’s largest Islamic bank in terms of assets and market capitalisation, is advertising a USD bmk Reg S PNC6 Fixed Rate Resettable AT1 Capital Sustainable Sukuk offering. A GIC and a series of fixed income investor calls are scheduled to commence today (January 13).
  • ARB has mandated Al Rajhi Capital, Citi, Crédit Agricole CIB, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, HSBC, J.P. Morgan, Mashreq, Morgan Stanley, MUFG, SMBC and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners (the "Joint Lead Managers and Joint Bookrunners") and Standard Chartered Bank as Sole Sustainability Structurer (together, with the Joint Lead Managers and Joint Bookrunners, the "Managers").
  • A link to the investor presentation can be found here.
  • The issuer last visited the market in May 2024, where it priced a USD1bn Reg S PNC5.5 AT1 Sustainable Sukuk at 6.375%, in from the 6.875%a IPTs and 6.375%-6.50% area guidance. The deal attracted over USD3.2bn in demand and was seen quoted bid 5.68%, at the time of the mandate.
  • Leads have circulated the following comps:

• Moreover, Arab Banking Corporation (B.S.C.), rated BBB- (stable) by S&P and BB+ (stable) by Fitch, an international banking group headquartered in Bahrain, with 45 years of track record in conventional and Islamic banking across 15 countries in 5 continents is offering a USD bmk Reg S only PNC5.5 Fixed Rate Resetting Additional Tier 1 Capital Security.
  • A pre-recorded GIC can be found here. A group investor lunch presentation is scheduled in Dubai today (January 13), as well as a series of fixed income investor meetings set to commence tomorrow (January 14).
  • Bank ABC has mandated Bank ABC, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, Kamco Invest, Mashreq and Standard Chartered as Joint Lead Managers and Joint Bookrunners.
  • This is Bank ABC’s first visit to the market since 2007, where it priced a USD500mn 10yr (Apr-2017) Floating bond at 3m:+85bp.

• The Republic of Benin, rated BB- (positive) and B+ (stable) by S&P and Fitch, commenced a series of fixed income investor meetings and calls last week (January 08) to advertise a USD bmk Reg S offering with an expected 15-year average life (16-year final maturity).
  • In conjunction, the Republic of Benin has also announced a EUR 250m capped tender offer (the “Tender Offer”) of its outstanding 4.875% Euro denominated Bonds due 2032.
  • The issuer has mandated Citi, J.P. Morgan and Societe Generale as Joint Bookrunners.
  • The Republic of Benin was last present in the pipeline back in February 2024, after pricing a USD750mn Reg S 14yr (13yr WAL) (Feb-2038) bond at 8.375%, in from the high 8%s IPTs and off the back of USD4bn in final demand.

• It’s also worth noting that the UAE Group have scheduled a Fixed Income Investor Lunch Presentation today (January 13) in Dubai, to discuss a potential USD bmk AT1 offering. Watch this space.

Pipeline

IGM: Roadshow Calendar EMEA

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