GCC

Oman has hit the screens with a copycat trade of its 2017 triple tranche $5bn note, navigating a more volatile market than it may have hoped for after a back-up in US Treasuries on Tuesday.

Qatar National Bank (QNB) launched a $3bn loan on Monday, the first real test of the market since Qatar’s Gulf Cooperation Council (GCC) neighbours severed diplomatic ties with the sovereign. Nine banks have agreed to underwrite the full amount ahead of general syndication, showing initial fears have subsided. But the test is not over — will Qatar’s other relationship banks step up?

Two banks from the Gulf Corporation Council (GCC) have turned to Taiwan to raise dollar funding already this year, with Abu Dhabi Commercial Bank (ADCB) printing $540m and Qatar National Bank (QNB) printing $720m in Formosa trades.

Oman Gas Co, Oman’s midstream natural gas transportation company, is expected to sign a $1bn loan with a club of banks.

Abu Dhabi Energy Co (Taqa) has signed a $1.25bn loan with a small club as some banks were deterred by the deal’s tight pricing.

Kuwait could become the latest Gulf Corporation Council sovereign to issue 30 year debt after its parliament approved a bill allowing the government to raise its borrowing ceiling to KD25bn ($83bn), and to issue international debt out to 30 years.

Qatar National Bank has launched a $3bn loan with nine banks underwriting the facility.

Qatar’s Doha Bank extended a $575m loan that was scheduled to mature at the end of last year but it did not extend the whole amount as the deal's Chinese lenders pulled out.

Oman became the first CEEMEA borrower to hit the screens this year with an official mandate. It has named five lead managers to arrange a triple tranche dollar bond as it looks to fund a Omr3bn ($7.8bn) budget deficit for 2018.

Nomura has hired Nihal Elkafrawi as head of client coverage for the Middle East and north Africa. She will foster cross-selling opportunities for global markets and investment banking, the bank said in a statement.

Savannah Petroleum, the UK oil and gas company focusing on African exploration, has secured a partnership with ASMA Capital Partners, a Bahraini fund manager which invests on behalf of the Islamic Development Bank, as part of its equity capital raising, which is set to be priced today.

Saudi Arabian Mining's (Ma’aden) subsidiary Ma’aden Aluminium has signed a $1.78bn syndicated loan to refinance a facility signed seven years ago.