GCC

Dubai-headquartered Emirates NBD is paying 150bp all-in pricing for its latest loan, tightening from the cost of the previous financing, according to a banker close to the deal.

Middle East banks are still drumming up strong demand from the loan market despite bearish ratings for the region this week, with Qatar National Bank and Emirates NBD testing the market.

Ooredoo, one of the largest telecommunications firms in the Middle East and Africa, is refinancing a $1bn three year revolving credit facility, according to two bankers.

DP World, one of the world’s largest port operators, has mandated nine banks for a dollar sukuk and is looking to price the deal next week.

Qatar has mandated banks for a dollar senior unsecured bond, which bankers away from the note are expecting to be as large as $5bn in total.

Emirates NBD is close to finalising a loan of $1.25bn or more, according to two sources at the bank.

The head of loan syndications at Emirates NBD Capital, the investment banking arm of Emirates NBD, has left the bank.

Investor appetite for UAE corporate debt was unfulfilled when Mubadala printed $500m from a $5.1bn book last week but with Etihad Airways lining up a dollar trade, investors may have a second chance to buy.

Noor Bank has mandated banks for its debut Basel III bond and will be looking to soak up excess demand for additional tier one (AT1) debt after Boubyan Bank’s note was over five times subscribed last week.

The $3bn inaugural loan for Petroleum Development Oman will be the first of many, as the country’s sovereign and corporates head to international debt markets, according to market participants.

United Arab Bank — Isbank — LSL Property — Nokian

Strong investor support propelled three GCC trades this week and with oil edging towards $50 a barrel and local liquidity improving, bankers say there is no reason why record year-to-date volumes can’t be reached by the end of this month.