Middle East
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Abu Dhabi Commercial Bank is set to come to market for a potential triple tranche kangaroo bond on Friday, following a deal from Emirates NBD that, according to a banker at one of ADCB’s leads, showed the market was still accessible to Middle Eastern borrowers. -
Oman Electricity Holding Co (EHC) has launched its second loan this year as part of its plan to raise $2bn across six of its subsidiaries.
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Turkish oil refiner Tüpraş is on screens for the first time in five years, with the transaction expected to be successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.
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The National Bank of Ras Al Khaimah Rakbank has closed its debut syndicated loan for $350m with 22 banks.
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Emerging market loan bankers are used to a little political drama but the recent spat between the Saudi-led group of six Arab states and Qatar has caused doubts about whether to engage in deals with Qatari exposure. This stance is understandable for pure Qatari credits but the penumbra of uncertainty has now spread to entities at one remove from Qatar. Banks should not be put off lending.
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Bahrain’s Oil and Gas Holding Company (Noga) is set to hit the road to market a debut 144A/Reg S dollar denominated benchmark trade with a tenor of up to 10 years, less than two years after the company made its debut in the syndicated loan market.
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Unrated issuer, Investment Corporation of Dubai is out with initial price thoughts of 4.15% area on a tap of its $300m 4.625% 2024 bonds, with analysts expecting a tightening of around 10bp in yield terms.
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Turkey’s fourth largest private bank Yapi Kredi signed a $1.36bn syndicated loan with 37 banks on Monday.
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The final allocations are out for a $295m multi-tranche facility for Aster DM Healthcare. The loan, which contains tranches with tenors of up to 10 years, attracted a mix of Middle Eastern and Indian banks.
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President Erdogan’s consolidation of power in April has translated into the stronger economic growth that he and his followers had hoped for. But questions about its sustainability are growing louder and they are feeding into an undercurrent of distrust among international investors. Virginia Furness reports.
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The United Arab Emirates’ banking system is expected to more than double its credit growth next year, compared with 2017, with stabilising oil prices and international bond issuance set to support funding in the country.
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