Middle East

Kuwait’s Warba Bank is in talks with lenders about making its debut into the loan market with a $200m Islamic facility, the second Islamic bank to launch its first deal this year.

Majan Electricity, a subsidiary of Electricity Holding Co (EHC), has kick-started the syndication of a $165m facility as part of its parent company’s overall plan to raise $2bn across its subsidiaries.

Goldman Sachs has appointed a new head of investment banking in Saudi Arabia, after receiving approval from the country's Capital Markets Authority to trade equities there on Sunday.

Two Eurobonds issued by EA Partners were still stuck trading around 85-87 on Tuesday after Air Berlin announced its insolvency last week with investors leftwaiting for further announcements from the issuer.

Kuwait’s Burgan Bank’s Turkish branch, Burgan Bank AS, signed a dual tranche facility of around $205m from 14 banks, at slightly higher pricing than its top tier compatriots.

Investors missed a strategic warning from Etihad earlier this year when the company removed the CEO in charge of its $4bn expansion strategy, and were blindsided this week when its partner airline Air Berlin filed for bankruptcy, write Virginia Furness and Aidan Gregory.

“I was confused before I went in, and even more confused when I came out,” was how one EM investor described meeting Etihad and its partners to discuss its now infamous structured notes.

Saudi Electricity Co (SEC), the largest utility company in the Middle East and North Africa, signed its largest international syndicated loan of $1.75bn on Wednesday with eight banks.

Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year with the same number of banks as its facility in March but with new Asian lenders on board and tighter pricing.

Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin.

The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility of Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.

Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year in its second round of refinancing, proving the credit is still an attractive prospect for the market.