GCC
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Bank of America Merrill Lynch and Wells Fargo are coordinating First Gulf Bank’s $1bn loan, which has all-in pricing of 85bp over Libor. -
Saudi Electricity Co has received approval from its executive committee for a new sukuk programme and a revolving credit facility. If the firm deploys the former this year it should help breathe life into a sukuk market that has lost much of its steam after a strong start to the year.
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Kuwait International Bank (KIB) will sign a $320m three year Sharia-compliant loan on Monday. It was the Islamic bank’s first loan in eight years and was increased from $100m.
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We remarked last week that emerging markets could face a difficult time ahead. Well, we didn’t have to wait long before the early manoeuvers in a possible currency war had an impact on sovereign CDS spreads.
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Kuwaiti financial Burgan Bank has receive approval to buy back $400m and KD100m ($329.7m) in subordinated debt, which will no longer count as capital under Basel III regulation.
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Abdulla Ali has joined Abu Dhabi Islamic Bank (ADIB) as head of agency, corporate finance and investment banking.
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Kuwaiti financial Burgan Bank has receive approval to buy back $400m and KD100m ($329.7m) in subordinated debt, which will no longer count as capital under Basel III regulation.
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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.
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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.
