GCC

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is close to finalising its second syndicated loan, which is scheduled for September. Margins are slimmer than on the borrower’s debut last year, according to bankers, though some in the market wondered if the fund will push even further on pricing before the deal is done.

Equity bankers flew out to the Middle East this week to pitch for roles in the IPO of Saudi Aramco, Saudi Arabia’s state oil and gas giant, according to equity capital markets sources.

Albaraka Turk Participation Bank and the Islamic Development Bank have signed a $40m Islamic financing facility to support small and medium enterprises in Turkey.

Middle East loans activity has fallen this year, confounding last year's hopes among bankers, with blame falling indirectly on the US-China trade war and sluggish global growth.

United Arab Emirates aircraft lessor Dubai Aerospace Enterprise has raised $490m in loans, its third syndicated loan in the last 12 months.

Emirates NBD, a Dubai-based bank, has closed its dual-tranche loan at $500m with 15 lenders, increasing it from an initial size of $400m.

Rating: B2/B/B+

Bank of Sharjah is planning to print both tier one and senior bonds before the end of 2019, according to two DCM bankers in Dubai.

Dubai's biggest bank, Emirates NBD, has completed its acquisition of Turkey's DenizBank from Sberbank as the binge of bank mergers in the Gulf continues.

GEMS Education came to the market on Tuesday with a pair of seven year senior secured bonds. The issues form part of a larger debt package being raised to support private equity firm CVC Capital Partners purchase a minority stake in the Dubai-headquartered education provider.

A pair of Middle Eastern credits received large orders for what may be among the last bonds issued before the summer lull.

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