GFH under threat from MidEast MDC plague

Local lenders in the Middle East, continuing to suffer from the liquidity drought which struck the region last year, are still attempting to trigger market disruption clauses on transactions in order to increase the interest rates on existing loans. The latest borrower to come under pressure is Bahraini Islamic investment bank Gulf Finance House, according to regional banks that participated in its $300m loan from 2006.

  • 15 Jan 2009
While talk of market disruption clauses has died down in western Europe, particularly since Libor rates normalised after spiking last year, lenders in the Middle East are still having difficulty funding themselves at dollar Libor and are also suffering from a general liquidity drought, even in their own ...

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