Middle East

Dubai shopping centre builder Majid Al Futtaim (MAF) has closed a revolving credit facility in a club deal with relationship banks.

Kuwait nipped in on Monday ahead of the Fed decision this week to raise $8bn with its debut bond, establishing a liquid benchmark at the five and 10 year parts of the curve. While the emphatic statement the deal made was not in question, there was debate about the bonds’ relative value against other Gulf sovereigns.

Etisalat Nigeria will meet with 13 local lenders this week to discuss its restructuring plans for a $1.2bn loan taken out in 2013, according to the Nigerian Communications Commission (NCC).

Attractive pricing helped Kuwait build a huge order book on Monday morning for its debut bond as bankers debated where pricing should land for the sovereign.

The Lebanese Republic has mandated four banks to tap into the long end of the bond market with a multi-tranche dollar deal, ahead of what bankers expect will be another busy start to the week ahead of Wednesday’s Federal Open Market Committee meeting.

Bank Muscat has successfully completed its $525m syndicated loan refinancing, adding to Oman’s accumulating loan book.

Akbank navigated a tricky market on Wednesday to print a $500m no-grow tier two and managed to charm a higher proportion of US investors than previously seen in any Turkish capital bond, according to a banker on the deal.

Turkish lender Vakifbank is on a roll in the loan market this week, out with a bilateral facility and a syndicated deal.

Turkey’s Garanti Bank on Thursday joined the pre-Fed rate rise rush to open books on a senior six year bond with a 35bp-40bp premium.

Oman’s sovereign wealth fund, which is accessing Asian liquidity for a $600m acquisition loan, has bagged commitments from Taiwanese banks.

Akbank emerged with pricing on an inaugural subordinated dollar bond on Wednesday morning after wrapping up two days of investor meetings in the US and UK.

It has been all about sub debt in CEEMEA this week, as a trio of borrowers took advantage of investor appetite for yield to boost their capital bases.