Middle East
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Dubai Islamic Bank emerged with the year’s first public deal from a Gulf Co-operation Council financial borrower on Tuesday morning. -
Akbank signed its $1.2bn-equivalent loan on Friday - one of its two major annual refinancings. But although Turkish banks are paying more for dollar debt at the moment, European banks still like to lend in euros.
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Tupras, the Turkish oil refinery company, has refinanced a one year loan, receiving a greater share of commitments in euros compared to the 2015 deal. But uncertain views of Turkish corporate borrowers means the pipeline visibility remains low, according to one banker on the deal.
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Akbank has received commitments for its first annual loan refinancing and will sign the deal on Friday.
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Dubai Islamic Bank is embarking on a roadshow for a senior dollar sukuk, and looks likely to be the first bank from the Gulf Cooperation Council to enter the public bond markets this year.
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International banks have been keenly awaiting a mandate for $10bn of loans for Kuwait National Petroleum Company (KNPC) and this week the borrower said it was starting the financing with local lenders.
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Qatar based Ahli bank has established a $1.5bn euro medium term note programme via a special purpose vehicle.
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Dubai Holding cancelled an opportunistic buyback of its 2017 bonds after bondholders asked for asked for too high a cash price, according to a banker on the deal.
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State-owned Majan Electricity Company is syndicating an Omani riyal and dollar denominated loan, according to bankers.
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Saudi Aramco and China Petrochemical Corp (Sinopec) will complete the $4.7bn loan for their joint venture refinery within the next week, according to bankers.
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