Middle East

General Holding Corporation (Senaat) — one of the United Arab Emirate’s largest industrial investment holding companies — printed a $300m seven year sukuk on Tuesday after releasing exceptionally wide guidance and slamming it tighter.

Saudi Arabia is mired in international controversy but its national energy company, Saudi Aramco, is said to have been sounding out the syndicated loan market for a deal to finance a $5bn petrochemicals plant. With even larger deals on the horizon, lenders appear to be supportive of the borrower despite the highly charged political situation. Mariam Meskin reports.

VakıfBank has closed an $855m-equivalent refinancing loan, making it the fifth Turkish financial institution to successfully refinance this season. Vakıf is set to be followed closely by Garanti Bank, as Turkish financial institutions defy the crisis of confidence in the country's economy that was triggered when the lira crashed in August.

VakıfBank will close its loan refinancing in the coming days and is set to be followed closely by Garanti Bank, as Turkish financial institutions defy the crisis of confidence in the country's economy triggered when the lira crashed in August.

General Holding Corporation (Senaat), one of the United Arab Emirate’s largest industrial investment holding companies, is embarking on a roadshow. But syndicates away from the deal said the company looks to be entering the market at a tough time for EM bonds.

Shari Arison, the Israeli billionaire, increased the size of a share sale in Bank Hapoalim, the largest bank in Israel, to satisfy investor demand for the stock.

Société Générale has agreed to pay $1.34bn in fines and an enhanced monitoring programme for violating US sanctions against Cuba, Iran, Sudan, Libya, Myanmar and North Korea, according to notices issued by US agencies on Monday.

Arison Holdings, a vehicle for Shari Arison, the Israeli billionaire, has reopened the EMEA equity blocks market after the weekend with the sale of a 3.7% in Bank Hapoalim, the largest bank in Israel.

Leads on Emirates NBD’s trade are closely watching the market this week for an issuance window for the delayed five year dollar trade, as another Middle Eastern issuer might be testing the market tomorrow.

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Naftogaz and Emirates National Bank of Dubai (ENBD) shelved plans for five year dollar benchmarks this week, thanks to a steep fall in the oil price and what bankers referred to as weak sentiment.

NMC Healthcare, the London-listed United Arab Emirates healthcare company, made its bond market debut in a week wracked by volatility. But despite the choppy backdrop, NMC’s debut came off smoothly.