Middle East
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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.
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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.
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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.
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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.
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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.
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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.
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The latest loan refinancings for Garanti and QNB Finansbank were trading at a higher level than previous newly issued Turkish bank loans this week, showing how concerns about the weakening lira have driven up pricing. Meanwhile smaller syndicates for Turkish bank loans will be the new normal, according to Garanti's head of financial institutions.
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EM bankers and investors were on Thursday underwhelmed by the Organisation of the Petroleum Exporting Countries' (OPEC) agreement to cut oil production for the first time in nearly eight years. But they said it was a positive that the price of Brent crude oil had seemingly found a floor.
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Garanti saw the syndicate for its latest one year loan shrink by five lenders. Other Turkish banks will have to take note as smaller lending groups are set to become a feature of their borrowing, according to the head of financial institutions at the bank.
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The Islamic Development Bank (IsDB) printed the first public dollar trade from the EMEA region since the November 8 US elections on Wednesday and managed to drive pricing inside its curve.
