Middle East

As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.

Qatar National Bank returned to the euro market for the first time since March 2018 this week, while there was also an unusual outing in Saudi riyal as Emirates NBD made its debut in the currency — the first from a non-Saudi issuer since 2018.

Bahrain Steel to lock in better conditions in refi — Saudi sparks life into local loan mart — Cranfield University soft-sounds private placement market — Golding Homes looks to add hundreds of houses with £120m facility — Great Portland brings ESG loans to UK Reits

Qatar National Bank took $1bn from bond markets on Wednesday as it tapped investors for the second time this year, with just 1% allocated to Gulf Co-operation Council-based investors.

Dr Suliaman Al Habib Medical Group, one of the largest private health companies in Saudi Arabia, has announced it is seeking to list on the Tadawul stock exchange. It is the first company to attempt an IPO there since the record listing of Saudi Aramco last December.

Saudi Arabia's Saline Water Conversion Corp (SWCC) signed a $426.5m-equivalent loan with a consortium of local lenders. The deal comes after a disappointing year for international lenders, who were dismayed at the lower than expected volumes of Saudi Arabian activity.

Investors warmly welcomed a TL2.6bn ($440m) block trade in Turkish bank Yapi Kredi on Wednesday night. But market participants are yet to be convinced that the country’s equity capital markets are fully reopened.

Emirates Global Aluminium (EGA) has raised a $600m syndicated facility, which replaces a number of uncommitted bilateral loans.

Bahraini iron pellet producer Bahrain Steel is in discussions with lenders to refinance an existing facility, according to bankers. The deal, some say, is part of a broader trend among emerging market borrowers seeking to secure more attractive conditions.

Stephen Moss and Nuno Matos have been given new roles of responsibility for Europe at HSBC, ahead of expected restructuring of the group in that region, particularly in global banking and markets (GBM).

Qatar National Bank has tightened price guidance for its second international bond of this year and books are already in excess of 3bn for the $1bn-maximum trade.

Market participants at the Euromoney Sustainability MENA Conference in Dubai this week highlighted the importance of regulation as a driving force that could propel progress in sustainable finance.