GCC
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Some eight banks that arranged Saudi Arabia’s $10bn loan in May have secured berths on the sovereign's bond extravaganza that is due to kick off this week. -
Saudi Arabia is lining up to meet investors for its long awaited mega-bond debut — a triple-tranche five, 10 and 30 year dollar issue — and a furious pricing debate has begun.
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Abu Dhabi Commercial Bank (ADCB), which is seeking a $300m loan from Asian lenders, is offering four participation tickets with details on the levels now available.
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Abu Dhabi Commercial Bank is raising a $300m new money loan from Asian lenders to tap a previously unused source of funding.
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Bahrain Commercial Facilities Company (also known as Bahrain Credit) has signed an $80m five year term loan with five banks.
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Bahrain’s dual tranche dollar benchmark attracted more than $6bn of orders on Wednesday despite investor expectations of an imminent jumbo issue from Saudi Arabia.
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After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.
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Bahrain looked set for a successful dollar market return as books built rapidly for its dual tranche bond following the release of initial price thoughts early Tuesday.
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After completing its first international bond issue earlier this year, Qatar’s Ahli Bank has also signed a $195m club loan — its second ever loan from international banks.
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Oman locked down $1.5bn this week, pricing “wisely” with a decent new issue premium and kicking off a busy few weeks of issuance from the Gulf Corporation Council’s oil rich, but cash poor, sovereigns as Bahrain and Saudi Arabia ready trades.
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Union National Bank of the UAE nipped into the primary market a $600m bond on Wednesday, well ahead of competing supply, paying a skinny, if any, new issue premium.
