Middle East

Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.

Eagle Hills Diyar, a real estate developer headquartered in Abu Dhabi, has signed a 10 year $374m-equivalent loan, in dollars and Bahraini dinars, with a selection of Middle Eastern banks. The proceeds will be used to fund three buildings in its waterfront development in Bahrain.

Saudi Telecom Co printed a $1.25bn 10 year sukuk on Thursday from book of more than $4.5bn, with a spread just inside fellow state-owned corporate Saudi Electric Co.

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.

Garanti Bank will refinance part of an existing $1.4bn loan by mid-May, joining four other banks amid the Turkish refi season. Although one year spreads have widened slightly in the secondary market, largely due to the weakening lira, bankers believe Turkish financial institution debt is still attractive.

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.

VakifBank is the latest Turkish bank to refinance its existing debt, managing to secure a roll-over ratio of 100%.