GCC
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An Emirati financial has mandated banks for a tier one dollar transaction, adding to the Middle East post-summer pipeline.
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Abu Dhabi National Energy Company (Taqa) signed its $3.1bn refinancing oversubscribed and with a tighter margin on Wednesday, but its first half earnings showed a 35% decline in Ebitda. -
Abu Dhabi National Energy Company (Taqa) has completed syndication of its $3bn loan refinancing and is expected to sign the deal very soon, according to bankers involved.
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Abu Dhabi's Union National Bank is looking for a margin of 75bp over Libor for a $500m three year loan, according to a banker on the deal.
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Saudi Electricity Company is asking to pay a margin of between 35bp and 50bp for a basket of up to $5bn of loans, according to a banker on the deal.
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Abu Dhabi National Energy Company (Taqa) has closed its $3bn refinancing, with the deal oversubscribed despite what loan officials described as “aggressive” negotiations with banks.
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Dubai Aerospace Enterprise will repay $705m of loans ahead of schedule with funds from the sale of its maintenance, repair and operations unit, StandardAero.
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The Abu Dhabi based Emirates Motor Company (EMC) has closed a $175m loan that includes an Islamic component with four banks.
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Omani oil & gas firm Renaissance Services sold a dual tranche dollar and Omani rial perpetual bond on Wednesday amounting to $125m.
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Omani oil and gas firm Renaissance Services has sold a dual tranche dollar and Omani rial perpetual bond amounting to $125m.
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In this round-up, Hong Kong deposits rose in April, but cross-border RMB trade settlement fell, Macau announced its March deposit figures, ICBC opened two new offshore branches in Montreal and Riyadh, RMB clearing in South Korea has reached a daily average of Rmb25bn, and Japanese bank MUFG helped Brazilian clients settle trade with China in RMB.
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With Middle East countries becoming increasingly important trade partners for China, the Gulf region is rapidly assuming a central position in the investment ambitions of Chinese corporates. But the links go both ways, with MidEast companies also stepping up their operations in China. Chris Wright looks at the two regions' growing links.
