Middle East

Saudi Aramco is set to appoint up to five banks to advise it on its potential initial public offering after a six month pitching process reached its climax this week. Contrary to earlier reports, Moelis & Co will not be the sole adviser, but will be joined by another independent, two bulge bracket banks and a local firm, writes David Rothnie.

Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday, an accomplishment that bodes well for the busy pipeline of Middle Eastern bonds.

Export Credit Bank of Turkey has followed Turkish peer Akbank into the loan market, launching the first of its semi-annual one year refinancings.

Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday proving the market to be in rude health, good news for the busy pipeline of Middle Eastern bonds and Kipco, which mandated on Wednesday.

Emerging market bankers are busy on the road as mandates start to ramp up but this week all eyes will be on Nigeria, which wraps up investor meetings on Wednesday.

Details of the new look National Bank of Abu Dhabi emerged this week including plans to divide the merged bank’s corporate and investment banking division into six reporting lines.

Dubai Islamic Bank had taken orders of over $2.2bn by lunchtime on Tuesdayto launch the first financial sukuk from the Middle East of 2017.

Ahli Bank Qatar will hit the road next week for a five year senior bond, as issuance from Middle Eastern banks ramps up.

Dubai is closing in on loans of as much as $3bn to fund its airport expansion, but bankers have said that pricing remains an area of negotiation.

Albaraka Turk received a boost to its capital after investors voted to update its old-style tier two sukuk as Fitch junked 18 Turkish banks on Friday.

Chinese markets are back, with previous interventions by the regulators still paying off in the offshore RMB spot markets, while Dubai's exchange saw growing interest in RMB futures contracts in January 2017.

Loan bankers are demanding clarity on the true ownership of the 19.5% stake in Rosneft privatised at the end of last year, as Intesa Sanpaolo prepares to syndicate the €5.2bn loan it has provided to back the deal, write Dan Alderson and Jon Hay.