Middle East

UK and Chinese officials press ahead with London-Shanghai Stock Connect, China tops the October league table of foreign holders of US Treasuries, and Bank of China opens a new branch in Qatar.

Qatar National Bank has received interest from its relationship banks as well as new lenders from outside the Middle East for a loan refinancing, showing international lenders are no longer afraid of publicly showing their support for Qatari entities six months after its Gulf Cooperation Council neighbours severed ties with the nation.

Adnoc Distribution, Abu Dhabi National Oil Co’s chain of petrol stations and shops, signed a $2.25bn loan with a club of banks before its initial public offering, which was completed last week.

Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.

Saudi Arabian Mining Co or Ma’aden, Saudi’s largest mining company, has amended a revolving credit facility that was due to mature at the end of the month.

Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.

Qatar’s banks have been turning to collateralised borrowing to boost liquidity after being all but shut out of the public debt markets since June, and the deals are proving mutually beneficial to both lender and borrower, with international banks able to continue to show support for Qatar.

One of the last big IPOs of 2017 reached a successful conclusion this week, crowning a solid year for issuance in the EMEA region.

Warba Bank has successfully made its debut in the international loan market with an oversubscribed $400m syndicated facility provided by 16 banks.

Dubai’s GEMS Education has concluded its early bird syndication phase on a $1.25bn loan, with 10 banks on board.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.

Turkey’s Fibabanka has signed a $167m loan, bringing its refinancings for the year to an end.