Middle East Loans

Qatar National Bank will increase its loan from €1.5bn to €2.25bn, according to a banker close to the deal and top tickets receive all-in pricing of 126.7bp, according to a second banker.

Petroleum Development Oman is bringing in more banks after first launching its debut loan as a club deal with a small group of lenders.

Omani electricity firm Majan Electricity Company has secured a $350m loan, according to two bankers, and sister company Dhofar Power Company is close behind with another deal.

Bank Muscat signed its $315m club loan late on Monday and all, barring one, of the lenders also arranged the bank’s bond issue last month.

A $100m three year loan for Doha Bank has launched into syndication with Mega International Commercial Bank as sole mandated lead arranger and bookrunner.

Oman’s Bank Muscat is in the process of signing a club loan of about $300m, according to one banker who was invited to join.

Dubai-headquartered Emirates NBD is paying 150bp all-in pricing for its latest loan, tightening from the cost of the previous financing, according to a banker close to the deal.

Middle East banks are still drumming up strong demand from the loan market despite bearish ratings for the region this week, with Qatar National Bank and Emirates NBD testing the market.

Ooredoo, one of the largest telecommunications firms in the Middle East and Africa, is refinancing a $1bn three year revolving credit facility, according to two bankers.

Emirates NBD is close to finalising a loan of $1.25bn or more, according to two sources at the bank.

Two US private equity firms have raised a $350m-equivalent loan for Network International’s buyout of Emerging Markets Payments Holdings (EMP) and tightened the pricing in syndication.

The head of loan syndications at Emirates NBD Capital, the investment banking arm of Emirates NBD, has left the bank.