HSBC - The Middle East’s Best Bank for Financing

In periods of volatility, HSBC helps clients across sectors and geographies to re-open markets, allowing access to previously unavailable sources of funding. Indeed, in 2023 HSBC led across the suite of financing products in the MENA region, claiming the #1 positions in the ECM, DCM, ECA Financing and MLA league tables.

Our top ranking in these league tables is the clearest illustration of the breadth of our network, the depth of our people’s expertise, and our access to deep pools of finance. We delivered one of our best years on record.

HSBC’s ECM franchise in MENAT led the market, executing a total of 11 ECM transactions and raising c.USD6.2 billion in equity for our clients in 2023. We were also ranked #1 for MENAT IPOs as Global Coordinator supported by our dominant position across UAE and KSA, where our market share remains higher than the next four international banks combined.

We held leading roles on the largest IPO in EMEA in 2023 and the largest ever on ADX, the first UAE IPO with stabilization, the first broadcasting IPO in the region, and the two largest IPOs in KSA. We also remain the most active and innovative international bank in Turkey’s ECM, having executed and placed one accelerated book-build and four bilateral share sales, for a total of c.USD340 million, all on a sole basis.

In DCM, we are the main partner to some of the region’s largest and most prestigious issuers, trusted with back-to-back mandates. These include the third consecutive mandate from the Federal Government of the UAE, the sixth consecutive mandate from the Arab Republic of Egypt, and the third consecutive mandate for Saudi Arabia’s Public Investment Fund in 2023.

Our issuance for Abu Dhabi Islamic Bank (ADIB) re-opened the global USD AT1 markets in the wake of the writedown of Credit Suisse’s AT1 instruments. We also supported the Emirate of Sharjah on the introduction of its multi-year, medium-term financial plans, as Sole Global Coordinator and Sole ESG Structurer on its inaugural sustainable bond offering, and as bookrunner on its sukuk issuance last year.

The rapid growth of the international sukuk market has seen us structure pioneering instruments and demonstrate continued market leadership. Our structuring teams consistently set the market standard for finding novel solutions for clients.

For instance, we structured the first ever AAOIFI-compliant sukuk based on both listed and unlisted shares for the Public Investment Fund’s transaction, and we gave ADIB unprecedented refinancing flexibility, with non-viability loss absorption, a dividend stopper and a six-month par call option on its new AT1.

Our loan platforms cemented our position as a leading arranger of syndicated and structured debt in the region, as seen by consistent top rankings in the league tables. Our well-established regional franchise leverages local knowledge and expertise and delivered landmark transactions for QInvest, Qatar National Bank, DAE, ADQ, Rawabi Energy and AviLease.

We have consistently been the #1 MENA export and infrastructure finance bank over the past five years, delivering transactions across a range of geographies and sectors - offering a full suite of services including ECA financing, commercial financing, hedging, and agency roles.

In 2023 we continued to deliver ESG and sustainable finance solutions to our clients. We led ESG-labelled bond issuance in the Middle East, for both inaugural and repeat issuers. These include debut green or sustainable bond issuances by the Government of Sharjah and MDGH as well as ADQ’s 1st Green Term Loan under its newly established sustainable financing framework.

Our real assets finance platform supports clients with advisory and financing solutions for infrastructure, industrial, and real estate development as well as the acquisition of movable assets, such as aircraft.

In 2023, the team closed several high-profile lending transactions with a major focus on sustainable/transition assets. These include the USD 6.1 billion non-recourse financing extended to Saudi Arabia’s NEOM Green Hydrogen Company in connection with the development of the world’s first industrial-scale green hydrogen plant. We were also the lead arranger for an equity bridge loan facility for Red Sea Wind Energy to finance the equity contributions of the sponsors in relation to a 500MW Gulf of Suez II Wind Farm Project in Egypt.

Putting clients first, and having the widest network, the deepest experience and the strongest relationships, shows why HSBC is the Middle East’s Best Bank for Financing.