GCC
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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. -
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.
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Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.
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Dubai’s GEMS Education hosted a roadshow last week for a $1.25bn loan, which attracted a mix of local and international banks.
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Mizuho International (MHI) is expanding its presence in the Middle East and has opened an office in the Dubai International Financing Centre (DIFC). The bank has moved over a DCM banker from London to head the team, and is eyeing further expansion.
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Oman’s Bank Sohar has enlisted three lenders to arrange a $300m new money borrowing.
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Fund flows into emerging market bond funds hit a 76 week high in the week ending January 12, according to EPFR data, culminating a week of strong primary markets that a wobble in US Treasuries could do nothing to derail.
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Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.
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Strong demand enabled Oman to secure a larger than expected $6.5bn of funding on Wednesday, taking it a considerable way towards covering its Omr3bn ($7.8bn) deficit for 2018.
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Abu Dhabi National Oil Co (Adnoc) is due to sign a $3bn loan with four lenders — three of which are Japanese — next week, after borrowing $6bn from the international market in November last year.
