GCC
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Abu Dhabi took orders of over $17bn for its first trade in seven years, proving that appetite for GCC debt remains strong, despite oil price concerns. -
Saudi Arabia’s plans for economic and social reform will involve developing its financial markets, including the use of derivatives.
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Oman's ministry of finance has signed a $2bn syndicated loan to buy aircraft from the UK’s BAE Systems, according to a banker on the deal, as the country prepares to launch its first international bond.
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Bank Muscat has released initial price thoughts for its benchmark five year bond, equating to a new issue premium of around 35bp.
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Books had reached $10bn for Abu Dhabi’s dual tranche offering by mid-morning in London on Monday, but the generosity of the deal has pushed other credits based in the emirate wider, according to two rival bankers.
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Oman has picked banks for its debut international bond three months after signing its first loan.
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Even the big beast of the Middle East is suffering the financing pressure sweeping the region. The margin on oil-drenched Saudi Arabia’s $10bn loan, revealed this week, compared to what it might have coughed up just months ago shows no borrower is immune, writes Elly Whittaker.
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Investors and analysts found encouragement this week in the resilience of oil prices after the failure of OPEC talks in Doha on Sunday. But there are signs that the positive mood will not last long.
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Commitments are due for Qatar National Bank's €1.5bn loan on Friday, after only a short stint in the market. The deal is expected to entice a raft of European lenders keen to put cheaply raised euros to work.
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Saudi Arabia will pay a margin of between 100bp-110bp for its loan of up to $10bn, according to a banker on the deal.
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Luxury hotel complex Atlantis the Palm, is syndicating an $850m-equivalent loan to pay for the next stage of development for the five star resort.
