Middle East

The Dubai Gold and Commodities Exchange (DGCX) and the Abu Dhabi Securities Exchange (ADX) have announced their aim to work towards a unified clearing house in the United Arab Emirates.

Qatari banks have been involved in several syndicated loans in the past month, despite the stand-off between the nation and six other Middle Eastern states.

Abu Dhabi National Oil Co (Adnoc), the upstream, midstream and downstream oil company owned by the government of the United Arab Emirates, is considering floating minority stakes in some of its services businesses.

Aluminium Bahrain (Alba) has closed the first tranche of its $700m export credit agency (ECA) covered facility taken out in April to finance its Line 6 expansion project.

The Turkish bank refinancing season ramped up once again this week after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday with 22 banks a day after Turkiye Sinai Kalkinma Bankasi (TSKB) signed a $297m refi with 18 banks.

CEEMEA primary issuance will be clustered around the last few days of the week as Liquid Telecom is yet to announce price guidance on its $600m five non-call three year trade.

Turkish bank refinancing season ramped up once again after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday — a day after Turkiye Sinai Kalkinma Bankasi signed a $297m refi.

Foreign ministers from across the Gulf meet in Cairo on Wednesday to discuss the continued tensions with Qatar, as bank analysts predicted the Saudi Arabia-led coalition against Qatar will reject the country’s response to its demands.

Turkey’s first privately owned development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has refinanced a loan which matured last Wednesday with a $297m facility from a syndicate of 18 banks.

Investor hedging for turbulent Brexit negotiations and US president Donald Trump’s legislative agenda has aided the growth of gold and currency derivatives contracts at the Dubai Gold and Commodities Exchange (DGCX), its CEO said on Sunday.

Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.

Turk Eximbank, which wrapped up a €412m refinancing in March, has turned its attention to the Asian loan market for a fresh money €300m borrowing.