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Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
Higher prices and concessions mean many issuers will wait for better days
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HSBC has appointed Gareth Thomas as head of global banking for the Middle East, North Africa and Turkey. He starts in the new job in September. -
Aluminium Bahrain (Alba) is working to get the final part of its second export credit agency-backed loan by the end of this quarter. The deal will wrap up the multibillion dollar-equivalent financing for one of the largest brownfield projects in the Middle East.
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Maaden Bauxite and Alumina Co has amended and refinanced $2.1bn-equivalent of long term debt. The subsidiary of Saudi Arabian Mining Co has locked in better terms on its debt than the loans being replaced.
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Abu Dhabi Commercial Bank has returned to the Asian loan market after two years absence, plotting a $400m deal that has already been partly taken up by lead bank Mizuho.
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There is a sense that banks in the Middle East are being encouraged to pledge allegiance in the public bond markets to either Saudi Arabia and the United Arab Emirates or to Qatar, as the diplomatic tensions between the two sides rumble on. But in the MTN market it is becoming clear that no such division exists.
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Middle Eastern loans bankers are preparing for even more M&A from the region in the coming months, with the United Arab Emirates tipped to continue driving asset sales.
