Middle East Loans

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.

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.

Israeli pharmaceutical company Teva has 15 days to raise $33.75bn of funds to buy US firm Allergan's generics business.

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.

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.

Dubai Aerospace Enterprise will repay $705m of loans ahead of schedule with funds from the sale of its maintenance, repair and operations unit, StandardAero.

The Abu Dhabi based Emirates Motor Company (EMC) has closed a $175m loan that includes an Islamic component with four banks.

Barwa Real Estate (BRE), the Qatari real estate company, has received $175m in Shariah-compliant financing from the International Bank of Qatar.

Egypt’s Banque du Caire is in the market for a $250m one year facility, looking to make the most of abundant liquidity across Asia by sending out invitations to banks in the region. The deal comes as financial institutions from Brazil and Turkey are also tapping Asian lenders.

Plummeting Chinese stocks and a slump in commodity indices rattled Asian markets and global credit traders this week, but loan bankers and emerging market bond officials were unfazed – even while some admitted that the problem could end up hurting their markets.

African Export-Import Bank is wrapping up general syndication of a two year loan on Thursday, having added $300m to the size of the deal on strong demand.

Although those in the CEEMEA bond market seem to have given up for the summer already, two SSAs — International Finance Facility for Immunisation and the International Finance Corporation — as well as Arab Petroleum Investments Corp have mandated banks for a sukuk.