Middle East

Abu Dhabi National Energy Co, known as Taqa, has invited banks to join a $1.25bn syndicated loan, which it plans as a bridge to a bond issue.

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

Citigroup has hired Majed Al-Hassoun to spearhead the relaunch of its investment banking effort in Saudi Arabia.

Debut sukuk issuer Emirates Reit on Wednesday priced a larger than expected deal of $400m after books reached nearly $1bn.

Doha Bank Qatar has sold a yen clip through MUFG, its first since June when the country became embroiled in a regional diplomatic spat. The trade is illustrative of a gradual return by investors to Qatari credits, said MTN bankers.

Four Qatari banks have been meeting investors with a view to printing bonds.

Qatar's banks face a wall of maturities in 2018 and need the door to capital markets funding to be flung open for them. But it does not have to be the Qatar sovereign that does the opening.

SMBC Nikko has hired a new head of emerging markets credit trading as it looks to build out its fixed income offering.

Emirates Reit, the world’s largest listed Sharia compliant real estate investment trust has drawn an order book of over $850m for its five year sukuk.

Finansbank’s $780m loan is being provided by 33 banks, led by Mizuho.

Issuers in the Gulf Cooperation Council are increasingly considering project bonds as a viable funding option for infrastructure projects in the region, said bankers.

Emirates Sembcorp secured the second project bond this year from the United Arab Emirates on Wednesday, and after a two day execution, the new deal came flat to fair value.