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Funding costs and new issue premiums are much higher than GCC issuers are used to
Senior banker will move to Abu Dhabi to take up position
Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
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Dubai Islamic Bank, the largest Islamic bank in the UAE by total asset size, has mandated eight banks for a five year senior dollar sukuk. The deal could be the first bank bond from the Gulf Cooperation Council so far this year. -
Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group.
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Saudi Arabia has requested proposals to refinance its $10bn syndicated loan, signed in 2016. It has also asked for ideas for a dollar bond issue and a possible export credit agency-backed financing, as part of a new financing plan.
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Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.
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A senior BNP Paribas CEEMEA DCM banker has resigned from the bank to join Goldman Sachs.
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Mizuho Bank has hired a senior banker to run its Saudi office as it looks to develop its business in financing and advisory work.
