GCC

Foreign investors will be allowed to participate in Saudi Arabian IPOs from January, the country’s regulator said on Thursday in a move that has been signalled for some time but was nevertheless warmly welcomed by bankers.

Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to a Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

National Bank of Abu Dhabi (NBAD) is set to hit the road for the Middle East’s first ever green bond, planting a flag in the sand for sustainable bond issuance from the region.

Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.

Abu Dhabi investment firm Waha Capital has signed a $500m loan with a number of international banks from the original facility missing from the refinancing.

Mobile Telecommunications Company Saudi Arabia (Zain) has refinanced a syndicated loan it signed in June for a cheaper, longer dated bilateral deal from ICBC.

Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to the Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

Aluminium Bahrain (Alba) is finalising its seven year loan this week and will increase the deal beyond the $750m starting size after enjoying a strong oversubscription.

Waha Capital — Vitec

Abu Dhabi investment firm Waha Capital is in the market for a loan, with FGB and HSBC in lead roles, according to two bankers.

The Saudi British Bank (SABB) is syndicating a rare dollar loan co-ordinated by its 40% owner, HSBC. The loan is for $400m, one banker said.

Emirates NBD has printed a $500m 3.5 year Formosa private placement, marking a further opening of this market to Middle East issuers.