GCC

The National Bank of Ras Al-Khaimah (Rakbank) launched its first syndicated loan on Tuesday for $250m with a three year tenor.

Oman Qatar Insurance Co, the Omani subsidiary of the Qatar Insurance Co, is set to reopen the country’s sleepy IPO market with the first flotation on the Muscat Securities Market for more than two years.

Dubai’s state-owned energy group Emirates National Oil Co (Enoc) has secured a $500m revolving credit facility from a club of seven banks to fund its growth plans for Dubai's coming Expo 2020.

On Wednesday, the UK’s Institute of Directors, the organisation that represents company directors and business leaders, became the latest lobby group to voice its concern at the Financial Conduct Authority’s proposal to create a new premium listing category for sovereign-owned companies.

Dana Gas on Monday shelved an exchange offer to investors in favour of litigation, which the company warns could take 10 years to resolve, after members of an ad hoc committee of bondholders repeatedly refused to engage with the issuer.

Bahrain Islamic bank (BisB) has launched a $50m murabaha syndicated facility, making its first entry into the loan market, according to bankers in the region.

Abu Dhabi National Oil Co (Adnoc) is in talks with international and Middle Eastern banks about a syndicated loan of up to $5bn, which is understood to be very tightly priced.

The Dubai Gold and Commodities Exchange (DGCX) and its connected clearing service were granted “remote recognition status” by Abu Dhabi Global Market (ADGM) regulators on Sunday.

Dominance in one of its operational markets enabled Topaz Marine to raise $375m of five year money on Wednesday despite coming from what the leads acknowledge to be a ‘tough sector.’

Topaz Marine was marketing the first Gulf Co-operation Council-domiciled (GCC) credit since May on Wednesday morning, but the credit is no barometer for appetite Gulf names in the wake of the Qatar crisis, said investors.

With a few weeks to go before asset managers begin their annual pilgrimage to the globe's beachfronts, the last few borrowers are slipping into the primary market before liquidity evaporates in the summer heat. Nostrum’s trade this week provided evidence of the slowdown in demand for risker credits.

Bahrain-based Bank ABC has hired veteran banker Patrick Tan to lead its Asia business in Singapore, according to an announcement on Wednesday.