Middle East Loans
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The government of Dubai has picked HSBC as financial advisor for its $3bn fundraising to expand its international airports. -
Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant.
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Saudi Electricity Company has signed a $420m loan from Crédit Agricole and Santander as growing domestic funding needs open up more opportunities for international banks.
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National Bank of Abu Dhabi is syndicating a $2bn term loan to replace bilateral loans. The UAE bank is paying more for the longer dated syndicated deal, though the latest pricing is still “aggressive”, according to one banker.
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Several loans from Omani credits are being tipped to be launched this year, but, after several large deals, some bankers have concerns that lending appetite is waning.
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Valmet — Segro — Ecom — Aluminium Bahrain — Morpho
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The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.
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As Middle Eastern countries reconfigure to lower oil prices, their funding needs could reach $560bn between 2015-2019, said S&P Global Ratings in a report on Monday.
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Aluminium Bahrain (Alba) named on Monday the 22 banks which participated in its $1.5bn loan signed in September, a deal which the borrower described as the largest corporate loan in the country's history.
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Some eight banks that arranged Saudi Arabia’s $10bn loan in May have secured berths on the sovereign's bond extravaganza that is due to kick off this week.
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Abu Dhabi Commercial Bank (ADCB), which is seeking a $300m loan from Asian lenders, is offering four participation tickets with details on the levels now available.
