GCC

Abu Dhabi’s sovereign wealth fund, Mubadala, has refinanced a $1.75bn loan, increasing it to $2bn after receiving heavy oversubscription.

Saudi Telecom Company has tightened price guidance for its debut international sukuk, a dollar 10 year that has already drawn a book of around $3.5bn.

Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.

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.