Middle East Loans
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Abu Dhabi’s National Petroleum Construction Co has closed a Dh2.2bn ($599m) eight year syndicated loan that includes an Islamic finance component. -
Saudi Arabian Oil Company, otherwise known as Aramco, is in talks with banks as it seeks to replace an undrawn $4bn revolving credit facility with a much bigger $10bn financing.
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Etisalat Egypt has agreed a $120m loan with two international banks.
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On February 11, GlobalCapital held its annual Syndicated Loans and Leveraged Finance industry dinner and announced the winners of the Loan Awards 2014.
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If the atmosphere at GlobalCapital’s annual Syndicated Loan and Leveraged Finance Dinner can be taken as any kind of barometer, then the loan market going into 2015 is in rude health.
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Qatar National Bank this week mandated international banks for a $3bn loan, its first dollar facility since 2012.
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Qatar National Bank has mandated international banks for a $3bn loan, its first dollar facility since 2012.
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The first wave of Turkish bank loan refinancings this year will kick off next week, say bankers, with Akbank expected to lead the charge.
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Big name borrowers are continuing Dubai’s busy start to the year for loans, with Emirates National Oil Company (Enoc) in talks with banks on a $1.5bn deal, and Tecom Investments signing a Dh4bn ($1.1bn) loan.
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Al Waha Petrochemical, a subsidiary of Sahara Petrochemical, has signed two Islamic facilities worth Sr2.3bn ($612m) in total with Saudi British Bank (SABB) and Banque Saudi Fransi (BSF).
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The collapse of oil prices and blow out of credit spreads for Dubai borrowers has got some loan bankers worried about the outlook for dealflow in the region. Project financings and loan repricings are likely to take the first hit, they reckon.
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Dubai World's announcement this week that it is closing in on another restructuring of its $14.6bn debt promise a big and timely kick of the can down the road for the emirate. But the overall picture for Dubai is deteriorating, structural problems remain and investors should strap themselves in for the bumpiest ride since the financial crisis.
