Bahrain
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Aluminium Bahrain (Alba) has closed the first tranche of its $700m export credit agency (ECA) covered facility taken out in April to finance its Line 6 expansion project. -
Ramadan, the Islamic holy month of fasting which began on May 26, has caused delays to loan deals that were expected to close this week in the Middle East, according to bankers in the region.
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Bank ABC as sole initial mandated lead arranger has completed a $125m syndicated loan for Bahrain Commercial Facilities Company.
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Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.
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Bahrain’s Arab Banking Corporation decided to repay its $750m loan ahead of its maturity due to an increase in its liquidity, allowing it to avoid further interest payments.
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Bank ABC has successfully closed a $213m syndicated loan to Albaraka Türk Bank and launched another two new deals on Wednesday.
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Aluminium Bahrain (Alba) has secured commitments for a $700m export credit facility to finance its Line 6 expansion project.
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Bahrain has raised $600m with a re-opening of its 2028s, pulling in a $2.6bn book that bodes well for the slew of Gulf Co-operation Council (GCC) sovereigns set to charge into the international bond markets this year.
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Bahrain became on Tuesday the first of the Gulf Co-operation Council (GCC) sovereigns to raise international debt in 2017, and will be hoping to make the most of its early mover advantage ahead of a wall of regional supply to match last year's.
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Middle Eastern issuance is set to begin for the year with Gulf International Bank, which is looking to refinance a $500m bond due in December. The issuer is expected to be the first of many hoping to lock in funding before the next US rate hike pushes up borrowing costs.
