Middle East

Saudi Arabia will likely issue its long anticipated debut dollar bond in dual sukuk and conventional format, according to bankers in the region.

The head of Oman’s central bank has called for his country's borrowers to embrace capital market funding, with the sovereign widely expected to lead the charge itself with a large bond or sukuk.

Abu Dhabi’s government related entities (GREs) are expected to turn to the loan market this year as redemptions and expansion projects in the region increase the need for funding.

The Kingdom of Bahrain is considering a tap of its dual tranche note issued last November in a bid to save its investment grade rating, according to investors in the region.

In a secretive deal that has only come to light now, NBAD signed $1bn of tightly priced one year loans with five close relationship banks at the end of last year. The lenders were Bank of America Merrill Lynch, Crédit Agricole, Citigroup, HSBC and Bank of Tokyo-Mitsubishi UFJ.

Mubadala, the Abu Dhabi investment firm, has launched a $2bn loan refinancing and will likely aim for a tight margin despite a choppy Middle East loan market, according to bankers.

National Bank of Abu Dhabi has mandated six banks for investor meetings starting February 8.

Türk Eximbank issued a $500m five year bond on Monday, commanding a $1.09bn book and bringing hope to syndicate officials that more deals from the country may follow.

Citi UAE has brought in Elissar Farah Antonios as its new chief executive officer.

Turk Eximbank (Turkiye Ihracat Kredi Bankasi) has released initial price thoughts for the first Turkish bond of the year at 425bp area over mid-swaps.

A rally this week in crude oil has reduced short-term pressures, but exploration and production firms still face existential threats as liquidity and M&A odds worsen, said analysts.

The Turkish loan market is open for business in 2016 as Turk Eximbank and Akbank launch loan refinancings.