GCC

Abu Dhabi Islamic Bank is roadshowing a dollar benchmark Reg S additional tier one sukuk as the call date for its outstanding tier one approaches in October.

The postponement of the Saudi Aramco's IPO is just the latest blow to emerging market (EM) equities. Volatility is biting ever harder, taking lumps out of an ever dwindling autumn pipeline. Sam Kerr reports.

The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues.

The Saudi Capital Markets Authority has approved a resolution allowing NCB Capital to raise funds for a new Saudi ETF, linked to the MSCI index, via an IPO.

Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan.

Aluminium Bahrain (Alba) is working to get the final part of its second export credit agency-backed loan by the end of this quarter. The deal will wrap up the multibillion dollar-equivalent financing for one of the largest brownfield projects in the Middle East.

Abu Dhabi Commercial Bank has returned to the Asian loan market after two years absence, plotting a $400m deal that has already been partly taken up by lead bank Mizuho.

MUFG announced this week that it has appointed a new international head of credit sales and trading.

Frontier markets specialists Exotix Capital has made four new appointments to its EM sales business, expanding its coverage in four different geographies.

Bahraini sovereign bonds fell victim to “malicious rumours” this week after they took a further battering following headlines that Lazard had been appointed as an adviser to the country. The firm, which advises on debt restructuring among other things, was in fact appointed in early May and has been advising the country on its economy for several months, according to a source with knowledge of the matter. Virginia Furness and Michael Turner report.

Bahrain is no closer to accessing the capital markets for additional funding following its support package from its Gulf neighbours agreed last week, according to local investors. And nor is the appointment of Lazard as an advisor to the country seen as a precursor to debt restructuring.

A new wave of liquidity and price crunching could hit Bahrain’s loan market once details of the country’s bailout from its GCC neighbours emerge, according to lenders from the region.