GCC

Any hopes among European credit traders of easing back into 2016 with a peaceful first week were shattered from the outset on Monday, as spreads gapped wider due to China’s stock market woes and oil price volatility arising from Saudi Arabia’s new stand-off with Iran.

Kuwaiti logistics firm Agility Public Warehousing Company is arranging its first loan since 2008, according to bankers.

Kuwait’s Burgan Bank is wrapping up a year of busy financing activity from Middle Eastern banks. It completed a $350m loan on Wednesday, increased from $300m.

Aegean Oil Terminal Corp, a Greek oil rig construction firm, has signed a $120m loan with four Gulf banks.

Emirates Global Aluminium (EGA) is wrapping up syndication for a $4.9bn seven year loan facility and will close the deal before the end of the year, according to a banker with knowledge of the deal.

Banks are arranging a loan of around $3bn for Oman Oil Refineries and Petroleum Industries Company (Orpic) to build the $4.5bn petrochemicals complex called Liwa Plastics Industries.

South Korean construction firm SK Engineering & Construction Co has signed a $100m loan for general corporate purposes from three Middle Eastern banks.

The People’s Bank of China (PBoC) and the Central Bank of United Arab Emirates have signed a memorandum of co-operation to set up renminbi clearing arrangement in UAE. At the same time the region is set to get its first RQFII quota.

Qatar's Doha Bank signed a $575m two year loan on Thursday, increasing the deal from the launch size of $500m.

Commercial Bank of Qatar signed its $1bn loan refinancing on Wednesday, increasing the deal from $800m in syndication. However, bankers said it was fortunate to have got the deal done before Middle Eastern loan margins rise.

Kuwait petrochemicals firm Equate has delayed signing $6bn of loans until next week because the firm’s board members are still waiting on approvals, said bankers.

Arrangers have not set a closing date for the $1bn loan for the Sultanate of Oman, on which pricing has been widened recently, but bankers hope to close the deal before year end.