Middle East

Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.

Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

Investors are aghast that Turkey’s national election board has cancelled the results of the Istanbul mayoral race, which the country's president Recep Tayyip Erdogan’s ruling party lost in March, and ordered a rerun. The country’s currency and CDS took a hit on Tuesday and is still reeling.

Turkey’s national election board has cancelled the results of the Istanbul mayoral race that president Recep Tayyip Erdoğan’s ruling party lost in March and ordered a rerun. This is widely thought of internationally as a blow to democracy, and in Istanbul citizens have taken to the streets in protest. But Erdoğan’s behaviour has been so unpredictable in the past year that there is hope the rerun in June will be free and fair enough for investors to breathe easy. It seems a bet made more in hope than expectation.

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.