Middle East Loans
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Banks are arranging a loan of around $3bn for Oman Oil Refineries and Petroleum Industries Company (Orpic) to build the $4.5bn petrochemicals complex called Liwa Plastics Industries. -
As Middle Eastern banks are priced out of deals in their own region by international lenders with lower funding costs, they need to find more deals further afield in Africa and Asia to make decent returns.
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Egypt’s Banque du Caire has cancelled plans to raise a loan for as much as $250m, but may consider signing a loan in 2016 instead.
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South Korean construction firm SK Engineering & Construction Co has signed a $100m loan for general corporate purposes from three Middle Eastern banks.
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The crunch is coming. The Middle East loan market has long offered low margins and lashings of liquidity but pricing is widening, just as issuers flock to the market in droves, writes Elly Whittaker.
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Qatar's Doha Bank signed a $575m two year loan on Thursday, increasing the deal from the launch size of $500m.
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Commercial Bank of Qatar signed its $1bn loan refinancing on Wednesday, increasing the deal from $800m in syndication. However, bankers said it was fortunate to have got the deal done before Middle Eastern loan margins rise.
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Kuwait petrochemicals firm Equate has delayed signing $6bn of loans until next week because the firm’s board members are still waiting on approvals, said bankers.
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Arrangers have not set a closing date for the $1bn loan for the Sultanate of Oman, on which pricing has been widened recently, but bankers hope to close the deal before year end.
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Commercial Bank of Qatar has signed its $1bn loan refinancing and increased the deal from $800m in syndication, but bankers said it was fortunate to have got the deal done in time before Middle Eastern loan margins rise.
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The Egyptian loan market is showing signs of recovery with deals from Banque Misr and National Bank of Egypt in recent months. Bankers say there is more to come in 2016.
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The Sultanate of Oman has widened the pricing of its $1bn loan by 10bp to encourage banks to lend, after the sovereign was downgraded by Standard & Poor's in November.
