Middle East

Qatar has signed its $5.5bn five year loan with 13 banks in the syndicate. The six underwriting banks are holding at least $4.2bn of the loan between them, according to a banker on the deal.

The Emirate of Sharjah printed a five year sukuk in horrific market conditions on Wednesday, but bankers say the pragmatic emirate should be applauded as conditions are only going to get worse.

National Bank of Abu Dhabi has hired a new head of transaction management in debt origination and distribution.

Saudi Arabia’s central bank has told the country’s banks to stop selling options on riyal forwards — products which would let investors benefit if the value of the riyal falls.

A 30bp sell-off of Middle Eastern credit overnight could not knock Sharjah off course as it printed a five year sukuk in what bankers described as horrific market conditions on Wednesday.

Ever since it emerged that Saudi Aramco was considering a public listing, equity capital market specialists have been trembling at the potential for the largest IPO in history. Such a deal could also transform the Saudi exchange, finally bringing a rush of foreign investment into the country’s stocks.

Sharjah opened books on the first international bond from the Middle East this year on Tuesday. Pricing for the five year note started back of the borrower’s outstanding 2024s.

Six Japanese lenders have arranged a $1.2bn loan for Abu Dhabi National Oil Company (ADNOC) as part of a $3.3bn loan arranged by Japan Bank for International Cooperation (JBIC) to ensure oil supplies for Japanese companies.

The Sultanate of Oman, having returned to the debt market for a $1bn five year loan, has named the banks in the deal's syndicate.

Equity capital market banks will love an IPO of Saudi Aramco, or parts of it, if one happens. But getting there is going to be arduous and could disrupt other business this year. The best thing for the market would be a quick and clear-cut process. Sadly, bankers say that is unlikely.

The Sultanate of Oman signed a $1bn five year loan on Tuesday, with 11 banks in the oversubscribed deal, despite the sovereign being hit by a downgrade in the middle of the deal.

Israel has embarked on a US roadshow for a dollar bond, using the same three lead managers as it has done for its last two Eurobonds.