GCC
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In this week’s round-up, the Hong Kong Exchange’s USDCNH futures record their second best trading volume on Wednesday, renminbi deposits in Hong Kong increase by 4.1% in April, and China and Germany agree to co-operate on trade and finance. -
Oman’s Bank Sohar has had to reduce the number of participants on its $250m syndicated loan after it was heavily oversubscribed, according to a banker on the deal.
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Oman Oil has mandated 12 banks to arrange a $1.2bn five year syndicated loan to refinance a $1bn tranche of a loan it took out in 2014, according to a banker on the deal.
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Ratings agency Moody’s opined on the Middle East after market close on Friday, with the United Arab Emirates seeing a better outlook while Qatar’s creditworthiness took a hit. Qatar’s rating was cut from Aa2 to Aa3 with a stable outlook on the back of a weakening in the sovereign’s external debt to GDP levels and uncertainty around where growth will come from in the medium term.
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China’s FX market records Rmb11.38tr ($1.65tr) of transactions in April, the State Administration of Foreign Exchange releases more foreign investment quotas, and CFETS completes first options write-off in the interbank market.
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Kuwait National Petroleum Co is due to finalise documentation on its final loan facility for its 'clean fuels' project, bringing the total debt accumulated for the project to $7.2bn.
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Not only is the CEEMEA bond market red hot and smashing through issuance records, there were also signs this week of its developing maturity, writes Virginia Furness.
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well-supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount”, others said the deal came flat to its conventional curve.
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Strong support from regional investors helped Bahrain’s Al Baraka Banking Group achieve substantial price tightening for the first ever bond issue from a non-investment grade Gulf bank on Tuesday.
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount,” others said the deal came flat to its conventional curve.
