GCC

Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have officially merged, and acquired Al Hilal Bank. The merger creates the third largest lender in the United Arab Emirates, and comes amid a boom in banking M&A across the Gulf.

Saudi Telecom Company was on track to print its debut benchmark dollar Reg S/144A sukuk on Thursday, and after a week of roadshowing is leaning towards making it a 10 year bond, GlobalCapital understands.

Banks working on the IPO of Arabian Centres Company (ACC), possibly the largest Saudi Arabian flotation since 2014, have set a price range on the deal.

Majid Al Futtaim has picked banks for its first ever green bond, going on the road to promote its new green finance framework to investors.

The US real estate investment trust Reality Income is planning a £300m bond sale to part finance its acquisition of 12 properties in the UK linked to grocer J Sainsbury’s.

Saudi Telecom Company is embarking on investor meetings to market a debut benchmark dollar Reg S/144A sukuk. However, investor enthusiasm for Saudi corporate bonds may have been dented as the $12bn bond Aramco printed a fortnight ago remains wide of reoffer.

UAE alternative investment and asset management firm, Gulf Capital, has closed a $136.12m-equivalent revolving credit facility.

Islamic Development Bank and Qatar National Bank hit the market for dollar paper on Wednesday, scooping up funds ahead of Ramadan.

Islamic Development Bank is expected to raise $1.5bn with a five year sukuk on Wednesday.

The Arabian Centres Co, a Saudi Arabian owner and operator of shopping centres, has launched a listing on the Saudi stock exchange.

The Islamic Development Bank has announced initial price thoughts for a five year sukuk dollar bond — its first since a euro benchmark in November 2018.

Bank are having to dig deep and increase their country lending limits to manage the vast amount of business expected to come from the Gulf as government expenditure across the region grows. The next big deal off the rank will be from Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), which is expected to tap the loan market for a bridge loan of up to $11bn in coming months, bankers said, following its highly successful debut deal in September. Mariam Meskin reports.