Middle East
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Teva Pharmaceutical Industries “just scraped home” with very tight pricing on the $33.75bn loan it signed on Monday. Only around half the banks invited participated because margins were so tight, said a banker close to the deal. -
Bahrain opened books on a dual tranche dollar deal on Tuesday morning, which some investors think could be its last as a pure investment grade credit.
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Teva, the New York-listed Israeli pharmaceutical company, has completed and signed $33.75bn of loans for its acquisition of Allergan Generics.
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The fate of three Middle East mandates this week spoke volumes about the state of that market, as issuers chase dwindling liquidity into the last weeks of 2016.
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Debt bankers and analysts are expecting Saudi Arabia to tap the international markets for some $5bn in 2016, but BNP Paribas analysts warn that the sovereign entrance is going to hit the secondary levels of other Saudi borrowers.
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CEEMEA bond watchers rarely agree on Middle East perpetual pricing and National Bank of Oman (NBO) was no exception. Rival bankers and investors gave a range of estimates as to how much NBO was paying up for its debut additional tier one (AT1) transaction.
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Albaraka Turk Katılım Bankası (Albaraka Türk), has mandated seven banks to arrange a Basel III compliant Reg S tier two subordinated sukuk — only the second from Turkey and the first in sukuk format.
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International Bank of Qatar (IBQ) has mandated three banks to arrange a debut benchmark dollar Reg S senior bond. The deal will be eagerly watched as it will be only the second senior conventional ME bank deal since June.
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National Bank of Oman has set initial price thoughts on a tier one perpetual note. Commercial Bank of Dubai’s new $400m five year senior deal, meanwhile, was down in the secondary market on Wednesday, but investors said the slide was down to wider market weakness.
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As Oman prepares to obtain a $1bn sovereign loan, Qatar is also in talks for a loan of as much as $10bn, although bankers think that target size could be reduced.
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Commercial Bank of Dubai is settling for a smaller print and wider spread than originally indicated on its latest five year dollar bond, according to rival bankers and buyers.
