Middle East Loans
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Gulf schools operator Gems Education is following its $250m loan financing in April with another deal for $500m which will be syndicated soon, according to bankers. -
Zain Group of Kuwait is refinancing a $500m corporate loan, syndication of which is due to close soon, according to a banker close to the deal.
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Bank Muscat is preparing to refinance a $600m loan maturing in April next year and will likely aim to raise the same amount with its new facility, said one banker.
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State-owned Abu Dhabi banks ADCB and NBAD have taken a very different approach to the loan market, with one bank paying up to bring in new lenders and the other demanding tight relationship pricing.
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The government of Dubai has picked HSBC as financial advisor for its $3bn fundraising to expand its international airports.
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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.
