Middle East

Drinks group C&C to sell US PPs as Irish firms return — Almarai feasts on $100m for MENA expansion — Lufthansa flies by Schuldschein market for short dated debt — Archer plots loan A&E — Greencoat UK draws debt for wind farm buy

Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.

The International Monetary Fund (IMF) has sent a team to Lebanon to provide technical advice to the country. Analysts have said this could be the first step towards the country seeking a financing package. But expectation that it will default on its March 2020 Eurobond is growing.

Dar Al Arkan Real Estate Development Company moved beyond the usual five year tenor it normally issues at on Wednesday, making the most of investors’ willingness to take on longer maturity paper.

The Islamic Development Bank hit the market for a five year dollar benchmark on Wednesday, raising $2bn at a spread of 40bp to mid-swaps.

Saudi Arabian food and beverage producer Almarai has secured a $100m loan from the European Bank for Reconstruction and Development (EBRD) to support expansion in Egypt and Jordan.

HSBC will not be making cuts to its equity capital markets or its equity trading capabilities after announcing the results of a strategic review on Tuesday. The bank will be reducing headcount in sales and research, but said that its execution ability in ECM will not be affected in any way.

Riyad Bank has tightened price guidance on its 10 year non-call five tier two bond, with order books at over $4.8bn for the note.

The Islamic Development Bank is returning to the international sukuk market for a five year Reg S dollar benchmark.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

Saudi Arabia's Dar Al-Arkan Real Estate Development Company will issue its second sukuk in four months as it embarked upon a roadshow on Monday for a seven year Reg S dollar deal.

Nabil Lahham has joined HSBC to head up advisory and corporate finance coverage for the Middle East, North Africa and Turkey. He was most recently at Perella Weinberg Partners.