Middle East Loans

The Loan Ranger's trusty companion Silver travelled to the Middle East to learn about the ways of Arabian stallions and the local market, but returned with tales of strange greeting rituals.

United Arab Bank (UAB) will close syndication for its $125m three year loan in the next few days, according to a banker on the deal.

This week brought the first of an expected rush of loans for Middle East banks, while Iraq is seeking a bond deal. Low oil prices mean a need for capital in the region, but it is not time for international dealers and investors to stampede there just yet.

A flood of banks in the Middle East are set to follow the two Abu Dhabi names which are making a dash for cash in the loans market to meet new regulations as they grapple with low oil prices, writes Elly Whittaker.

Abu Dhabi's First Gulf Bank has agreed a loan at a margin 60bp tighter than its last deal, as it raises $1bn to meet the liquidity requirement of the United Arab Emirates central bank.

OSN, the Dubai-based subscription television company, has signed its second syndicated loan for $400m, which was twice oversubscribed.

Egypt’s Banque Misr is planning a loan for around $200m and will mandate lead banks next week, according to an official in talks with the bank.

Abu Dhabi's Union National Bank has closed books for its three year loan and will increase it from the launch size of $500m, according to a banker on the deal.

First Gulf Bank — Yapi Kredi Leasing — Ardian

Bank of America Merrill Lynch and Wells Fargo are coordinating First Gulf Bank’s $1bn loan, which has all-in pricing of 85bp over Libor.

Kuwait International Bank (KIB) signed a $320m three year Sharia-compliant loan on Monday, amid a run of deals from Middle Eastern banks.

Kuwait International Bank (KIB) will sign a $320m three year Sharia-compliant loan on Monday. It was the Islamic bank’s first loan in eight years and was increased from $100m.