GCC

Oman Telecommunications has mandated three banks to arrange investor meetings for a Reg S only dollar and/or Omani rial sukuk.

Saudi Arabia gave equity capital market bankers hungry for mega-deals something to look forward to on an otherwise bleak midwinter day of trading on Thursday, as its deputy crown prince touted the idea of a sale of Saudi Aramco shares.

Saudi Electricity Company (SEC) has completed a Sr7.75bn ($2bn) package of loans by signing a $1.4bn three year revolving credit facility in London this week.

Lenders are piling into a $4bn project loan for Oman's Liwa Plastics Industries, lured in by a juicy margin of around 250bp, according to a banker involved in the deal.

Sharjah has become the first CEEMEA issuer to brave the bond markets this year, mandating six banks for a Reg S-only dollar sukuk roadshow and defying sceptics who said earlier this week that Middle East issuance would be postponed as geopolitical tensions in the region escalated.

Low oil prices and the absence of its biggest lender will see the global sukuk market shrink further in 2016 though a couple of brand new issuers are expected, according to Standard & Poor’s.

Oman is finalising a $1bn sovereign loan and could sign as early as tomorrow (Thursday), according to a banker on the deal.

Options traders took Monday's oil volatility seriously, sending prices for near-dated contracts to some of the highest levels of recent months.

Kuwaiti petrochemicals firm Equate has signed $6bn of loans, with a range of lenders from different regions joining the five underwriting banks.

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.