GCC

Three banks have joined the syndication of a loan to Oman's Bank Sohar of $250m, which Bank ABC has been mandated to co-ordinate.

Saudi Arabian water company ACWA has resurrected its debut deal, thanks to improved market conditions after the trade, which was first announced in November, was delayed. The return of the deal sees Citi bumped up to join Jefferies on the top line.

Evercore plans to open a Dubai office early in the second quarter of this year, following its hire of Waleed El-Amir, former group funding head at UniCredit, as senior adviser for the Middle East, Africa and Turkey.

Bank ABC has successfully closed a $213m syndicated loan to Albaraka Türk Bank and launched another two new deals on Wednesday.

Aluminium Bahrain (Alba) has secured commitments for a $700m export credit facility to finance its Line 6 expansion project.

China’s economy grows faster than expected in the first quarter of 2017, the head of State Administration of Foreign Exchange (Safe) meets with the deputy governor of the World Bank, and Citic says demand for cross-border financing activity is on the rise.

Saudi Arabia’s $9bn sukuk was, for the second time, a staggering market debut from the sovereign. But size came at a price and the issuer paid up over its conventional curve, writes Virginia Furness.

Mubadala raised $1.5bn in the bond market on Tuesday with a dual tranche seven and 12 year deal, the deal was well subscribed but didn’t come as tight to the sovereign as Mubadala’s previous issue.

Orders for Saudi Arabia’s debut sukuk were over $25bn on Wednesday morning allowing the borrower to tighten pricing ever closer to its conventional curve.

Orders for Saudi Arabia’s debut sukuk were over $17.5bn at the first official update on Tuesday afternoon.

Two large emerging market corporates were out with multi-tranche deals on Tuesday, Kazakhstan’s state owned oil company and Abu Dhabi sovereign investment fund Mubadala.

Issuers from the Gulf have taken over emerging markets bonds with Saudi Arabia on track to print its debut sukuk on Tuesday. Multiple tranche deals are the flavour of the week with Romania, Mubadala and KazmunayGas all offering multi-faceted deals.