Middle East Loans
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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). -
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.
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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 deal flow in the region. Project finance and loan repricing business is likely to take the first hit, they reckon.
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Dubai World, which is trying to restructure its $14.6bn debt burden for the second time in four years, has received the backing of more than two thirds of its creditors, the state-owned investment company has said.
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The Egyptian General Petroleum Corp has dismissed any doubts about its ability to return to the loan market for the first time since 2010 by signing a $1.323bn pre-export finance facility with banks.
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Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.
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The Egyptian General Petroleum Corp has agreed a loan of over $1.3bn with banks.
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The Egyptian General Petroleum Corp has agreed a loan of over $1.3bn with banks.
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Bahrain’s sovereign wealth fund, Mumtalakat, has signed a $500m unsecured revolving credit facility with banks.
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Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.
