Middle East Loans
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Commercial Bank of Qatar is in the final stages of syndicating its $800m refinancing. More banks from the region will follow with loans with margins of around 100bp, according to bankers. -
Teva Pharmaceutical Industries “just scraped home” with very tight pricing on the $33.75bn loan it signed on Monday. Only around half the banks invited participated because margins were so tight, said a banker close to the deal.
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Teva, the New York-listed Israeli pharmaceutical company, has completed and signed $33.75bn of loans for its acquisition of Allergan Generics.
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As the Sultanate of Oman launched syndicated for its $1bn sovereign loan on Wednesday this week, Qatar is also in talks for as much as $10bn of loans.
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As Oman prepares to obtain a $1bn sovereign loan, Qatar is also in talks for a loan of as much as $10bn, although bankers think that target size could be reduced.
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The Sultanate of Oman will launch syndicated for its $1bn sovereign loan tomorrow (Wednesday), according to a banker on the deal.
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The Ranger went on the hunt for meditating bankers and found that each in the market has their own definition of inner peace.
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Senior loans bankers report they are working through the night to cope with the surge in Middle East loans, as even the Sultanate of Oman piled into the market to grab funding while it can. After all, the conditions will not last, writes Elly Whittaker.
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The Sultanate of Oman is tapping the loan market for $500m, its first loan in eight years, as the formerly cash-rich country faces a fiscal deficit.
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Thursday may be bonfire night in the UK but all the fireworks in the loan market were taking place in the Middle East this week, as Commercial Bank of Qatar (CBQ) launched a $800m loan alongside three other banks and with a loan for Oman also in the pipeline.
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Kuwait petrochemicals firm Equate is due to close a $6bn one year loan by early December that will include an Islamic financing component.
