Middle East

Dubai healthcare group Aster DM Healthcare has signed a $295m facility with nine banks, despite concerns that its operations in Qatar would complicate syndication of the debt.

Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.

EM investors are nervous: only one of the new emerging market sovereign bonds issued in the last two weeks is trading above par and now Saudi Arabia has opened books on what is likely to be a third jumbo transaction.

Turkey’s Vakifbank has signed its second refinancing facility of the year for $891m with 22 banks, bringing the second round of Turkish bank refis to a near end.

Bahrain Islamic Bank (BIsB) has signed its debut syndicated loan for $101m, double the initial launch amount.

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn of its second senior trade of the year.

Saudi Arabia will return to the international capital markets this year and has named leads for a triple tranche conventional bond.

Jordan was this week on the road looking to extend its bond curve out to 30 years. Its longest outstanding bond to date is due to mature in January 2027.

Türkiye İş Bankası signed a $1.1bn dual currency syndicated loan on Monday with 33 banks at a spread 10bp lower than its first loan this year in May, in line with its peers.

Emerging market loan bankers may have to look to the private sector for deals as sovereign entities in the Middle East take a step back from the loan market.

Turkish banks are continuing to attract international lenders to their loan financings. Several deals this year have had dozens of arrangers.

Oman Oil Company Exploration and Production (OOCEP) has signed a $1bn loan with 11 banks, the fifth loan to come from the state-owned Oman Oil group.