Middle East Loans
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A Middle East liquidity squeeze is setting up a game of chicken between issuers where one will finally crack and pay a higher margin, Elly Whittaker reports. -
Banco ABC Brasil, a subsidiary of Arab Banking Corp (Bank ABC), has closed syndication for its $150m two year loan, increasing the deal to $200m.
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Abu Dhabi National Energy Company (Taqa) signed its $3.1bn refinancing oversubscribed and with a tighter margin on Wednesday, but its first half earnings showed a 35% decline in Ebitda.
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Abu Dhabi National Energy Company (Taqa) has completed syndication of its $3bn loan refinancing and is expected to sign the deal very soon, according to bankers involved.
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Abu Dhabi's Union National Bank is looking for a margin of 75bp over Libor for a $500m three year loan, according to a banker on the deal.
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Israeli pharmaceutical company Teva has 15 days to raise $33.75bn of funds to buy US firm Allergan's generics business.
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Saudi Electricity Company is asking to pay a margin of between 35bp and 50bp for a basket of up to $5bn of loans, according to a banker on the deal.
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Abu Dhabi National Energy Company (Taqa) has closed its $3bn refinancing, with the deal oversubscribed despite what loan officials described as “aggressive” negotiations with banks.
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Dubai Aerospace Enterprise will repay $705m of loans ahead of schedule with funds from the sale of its maintenance, repair and operations unit, StandardAero.
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The Abu Dhabi based Emirates Motor Company (EMC) has closed a $175m loan that includes an Islamic component with four banks.
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Barwa Real Estate (BRE), the Qatari real estate company, has received $175m in Shariah-compliant financing from the International Bank of Qatar.
