GCC
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Sharjah Islamic Bank (SIB) will pay a margin of 165bp for its $200m murabaha loan, which should launch syndication early next week, according to a banker on the deal. -
Emirates Global Aluminium has completed its $4.9bn loan refinancing, with eight lenders joining the underwriting banks, as this week the borrower announced its income had almost halved last year.
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As Kuwaiti petrochemicals company Equate decides how to refinance its $6bn bridge loan, the borrower will likely avoid the bond market and stick to loans in the near future, bankers told GlobalCapital.
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A swathe of ratings downgrades. one of which prompted Bahrain to first cancel a tap and then reprint it this week at a higher yield, is just one factor that will force Middle East sovereigns to pay up for bond funding just when they need it the most, writes Virginia Furness.
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Bahrain’s decision to revive last week's cancelled bond sale was driven by reverse enquiry from investors who were unperturbed by the issuer’s new junk status, according to bankers on the deal.
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The Islamic Development Bank is embarking on a three day sukuk roadshow, starting on Sunday.
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The Kingdom of Bahrain has returned to tap bonds less than a week after an unexpected Standard & Poor’s downgrade led to the issuer cancelling a $750m dual tranche bond increase. Rival bankers said the strategy was right, but were surprised by the tight pricing offered.
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Bahrain’s decision to pull its $750m tap on Thursday was hailed by some as a prudent move to protect investors, but aggressive secondary market action following the downgrade has still left some smarting, writes Virginia Furness.
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Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement.
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Bahrain took the decision to pull its $750m tap on Thursday morning after a shock move by Standard & Poor’s to downgrade the sovereign to junk. Bankers on the deal have criticised S&P for its “clumsy” timing.
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Bahrain increased the size of its bond tap on Tuesday from $500m to $750m. While bankers away from the trade said while it came cheap for a tap, it was not surprising given the challenges the country faces.
