Middle East
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BlackRock and KKR will soon complete raising a $3bn loan to support a pipeline partnership project with Abu Dhabi National Oil Company (ADNOC), according to bankers familiar with the deal. -
Dubai’s Emirates NBD is making a quick return to the offshore loan market, inviting banks to bid for an up to $400m term loan.
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A pair of Middle Eastern banks, Emirates NBD and Abu Dhabi Commercial Bank, both placed short-dated sterling MTNs this week.
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Kuwait International Bank (KIB) made a spectacular bond market debut on Wednesday, securing a $4.6bn book for a $300m additional tier one sukuk bond. The issuer also impressed by placing 51% of the paper with investors from outside the Middle East region.
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Kuwait International Bank has come to market for its first ever bond — a $300m additional tier one capital benchmark. It has met strong demand, despite the limited size.
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The International Federation of Red Cross and Red Crescent Societies (IFRC) plans to issue a sukuk as part of its fundraising for a water, sanitation and hygiene programme.
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Hitesh Asarpota, a managing director at Emirates NBD Capital, has taken over loans syndication, in addition to his current responsibilities.
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Türkiye İş Bankası has closed its first semi-annual refi for this year, as the refinancing season for Turkish banks comes to an end.
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Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those companies abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.
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Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date.
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Garanti Bank has closed its loan refinancing at $783m-equivalent after receiving an orderbook of over $1bn. The borrower has welcomed 14 new lenders, as banks demonstrate their commitment to troubled Turkey.
