GCC
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New deals from the Middle East and Africa are beginning to flow as EM’s hot run gathers momentum. In the Gulf Cooperation Council, Saudi Electricity Co (Seco) and Oman Electricity Transmission are exploring dollar opportunities as Abu Dhabi Commercial Bank plots a comeback. Further south and west, Senegal has picked leads for a dollar comeback as the market awaits the results of Ivory Coast’s RFP. -
Saudi Arabia’s ACWA Power priced its long awaited debut bond on Wednesday, raising $814m with the secured note. Months of work spent structuring the deal and educating investors were rewarded, with the borrower achieving a combination of size and price it would not have managed with a plain vanilla bond, said a lead banker.
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Oman Oil is set to bring a raft of financings to the syndicated loan market, and has begun by seeking to refinance the $1bn tranche from a $1.85bn loan it took out in 2014.
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Bahrain’s Arab Banking Corporation decided to repay its $750m loan ahead of its maturity due to an increase in its liquidity, allowing it to avoid further interest payments.
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Saudi’s ACWA Power priced its long awaited debut bond on Wednesday, raising $814m with the secured note. Months of work spent structuring the deal and educating investors were rewarded, with the borrower achieving a combination of size and price it would not have managed with a plain vanilla bond, according to a lead banker.
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Oman Oil wants to refinance the $1bn tranche from a $1.85bn loan it took out in 2014, adding to the company’s much wider financing plan, according to a banker on the deal.
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Kuwait Energy, the independent Kuwaiti oil and gas company, is to test investor appetite towards the recovering energy sector, having announced the launch of its long awaited IPO on the London Stock Exchange on Wednesday morning.
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The bond pipeline in CEEMEA is light with only well flagged borrowers opening books in a week that is peppered with data points and political risk events.
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Orders of over $1.5bn enabled Saudi Arabia’s ACWA Power to squeeze down guidance for its amortising note on Wednesday.
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Despite a public holiday on Monday and the second round of the French presidential election due this Sunday, the IPO market is vibrant, with two more names joining the pre-summer pipeline so far this week.
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New deals from the Middle East are beginning to flow. Saudi Arabia's International Company for Water and Power Projects (ACWA Power) opened books on a conventional amortising note on Tuesday, as Saudi Electricity Co (Seco) and Oman Electricity Transmission line up sukuk trades.
