Middle East

Turkey’s Elazig Hospital has placed an innovative project bond, the structure of which enabled it to achieve a rating two notches above the Turkish sovereign. With infrastructure financing needs huge in the emerging markets, the deal sets a strong precedent for future issuance.

Equate Petrochemical Company, the Kuwaiti energy firm that made its global bond market debut in October, is on track to become only the second borrower from the jurisdiction to issue in sukuk format.

It has been another testing year for banks in the Middle East. A strengthening dollar abroad, pallid economic growth at home and political instability still flaring around the region have hampered expansion plans and put a squeeze on profits. But some banks have weathered this storm well and have proven once again how resilient the Middle Eastern banking market really is. To recognise the outstanding performances of these institutions, Asiamoney is pleased to announce the winners of our awards for best banks in the Middle East 2016.

NMC Health, the London-listed company that claims to be the leading private sector healthcare operator in the United Arab Emirates, raised £255.4m on Wednesday in an intraday equity bookbuild.

National Bank of Abu Dhabi signed a $2bn three year loan on Tuesday, cementing the bank group for its $175bn merger with First Gulf Bank, though some key European banks turned down a role on the deal.

Etihad Airways has issued the first ever Schuldschein for a Middle Eastern company, increasing the deal from €150m to €209m in syndication with strong demand from European and Asian commercial banks.

A busy weekend for Chinese authorities as seven new currencies were named to be traded directly with the renminbi, the dollar fix breaks 6.9 again on Monday, and a clearing bank is appointed in Dubai.

In this round-up, China saw another sizeable drop to its foreign exchange reserves in November, the Shenzhen Connect saw subdued trading activity in its first four days, and Egypt signed its first currency swap line with China. Plus, a recap of our coverage this week.

Saudi Arabia's International Company for Water and Power Projects (ACWA Power) has pushed back its bond plans to 2017 after investors asked for more time to “understand the structure fully”. The target coupon, which investors told GlobalCapital was too low, will also be readdressed, according to a lead banker.

Property firm Ezdan of Qatar has rallied 10 banks to participate in its $460m Islamic loan refinancing. All were Middle Eastern except HSBC and Industrial & Commercial Bank of China.

Middle East banks will compete for a role in the Emirate of Sharjah's loan because the deal is likely to be an attractively priced, dirham denominated deal, according to two bankers in the region.

Five lenders have joined HSBC at the top level of Saudi British Bank’s (SABB’s) $450m syndicated loan, the bank’s first dollar deal from international lenders.