Middle East

UAE alternative investment and asset management firm, Gulf Capital, has closed a $136.12m-equivalent revolving credit facility.

Islamic Development Bank and Qatar National Bank hit the market for dollar paper on Wednesday, scooping up funds ahead of Ramadan.

First Abu Dhabi Bank and Emirates NBD have printed sterling MTNs this week, adding to a flurry of deals in the currency from the Middle East.

Bank of America has hired for its hybrid capital structuring team from Morgan Stanley.

A surge in shareholder activism is providing banks with a lucrative new source of revenue, but they have to tread carefully or risk losing treasured corporate relationships, writes David Rothnie.

Islamic Development Bank is expected to raise $1.5bn with a five year sukuk on Wednesday.

The calls have started to emerge for Turkey to turn to the IMF. Turkish president Recep Tayyip Erdoğan has always been dead set against the idea — and perhaps that’s for the best.

Trading of Saudi Aramco’s $12bn bond has slowed considerably since it was priced on Tuesday last week, but all five tranches have failed to rebound to reoffer, and the longer ones were 1.5 points down by Wednesday afternoon this week.

The Arabian Centres Co, a Saudi Arabian owner and operator of shopping centres, has launched a listing on the Saudi stock exchange.

The Islamic Development Bank has announced initial price thoughts for a five year sukuk dollar bond — its first since a euro benchmark in November 2018.

First Abu Dhabi Bank has printed two sterling private placements in the last week — the most recent Tuesday morning’s £120m note through JP Morgan — adding to a flurry of sterling trades from the Middle East.

Turkey is butting heads with Nato over the purchase of a Russian missile system, with the diplomatic tensions weighing on the nation’s currency and asset prices. This is despite the improving economic data offering signs that the country may be leaving recession.