Emirates, Dar Al Arkan plan sukuk; Ivory Coast eyes euro deal; Russia to price $4 billion

By Rebecca Melvin

New York, March 7 – Emerging markets were busy in the early session on Wednesday even as selling hit the broader markets amid volatility tied to growing concerns about the possibility of implementation of U.S. trade tariffs and other countries countering with retaliatory measures.

Among notable new deals in the emerging markets, the United Arab Emirates’ Emirates Airlines announced plans for the market’s first corporate Islamic bond for the year. Emirates mandated banks and plans to hold a roadshow for a 10-year dollar sukuk deal starting on Thursday.

Dar Al Arkan Real Estate Development Co. was also heard to have mandated banks to manage a sukuk offering, namely Goldman Sachs International and Deutsche Bank along with Dubai Islamic Bank, Alkhair Capital, Emirates NBD, Nomura, Noor Bank and Standard Chartered.

Also in the Middle East, BankMuscat launched on Wednesday $500 million of five-year notes to yield mid-swaps plus 230 basis points.

In Africa, Ivory Coast also announced banks and a roadshow for a proposed offering of euro-denominated notes with terms of up to 12 years. The meetings are set to begin March 9 in both the United States and Europe.

Meanwhile, Russia is offering up to $4 billion of new notes concurrently with a tender offer of existing 2030 bonds, according to a release.

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