Middle East
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Oman Oil is set to push the boundaries on banks’ country limits with a $7bn loan facility it is seeking to finance its Duqm refinery. -
Abu Dhabi National Oil Co, the oil company owned by the government of the United Arab Emirates, has announced plans to float its chain of petrol stations in the UAE in an IPO on the Abu Dhabi Securities Exchange.
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Oman’s sovereign 2047s fell by as much as three cash points after Standard & Poor’s last Friday lowered the sultanate’s long term foreign currency credit rating to BB from BB+.
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Albaraka Turk, Turkey’s first participation, or Islamic, bank, has signed a $101m murabaha loan with seven banks.
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Turkish biscuit maker Ülker’s second loan of the year is expected to be increased from its launch amount of $350m as demand for the facility comes in.
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The Dubai Gold and Commodities Exchange on Monday announced it had launched 44 Indian single stock futures, giving investors exposure to blue-chip companies.
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Akbank AG, the Turkish bank’s German subsidiary, has signed a €173.5m syndicated loan with around 14 banks, according to a banker on the deal.
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Saudi Arabian asset prices failed to bounce back this week after last weekend’s high profile arrests, even though wider emerging markets staged a late recovery.
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Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days.
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Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.
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With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.
