Middle East

The Sultanate of Oman is tapping the loan market for $500m, its first loan in eight years, as the formerly cash-rich country faces a fiscal deficit.

Kuwait petrochemicals firm Equate is due to close a $6bn one year loan by early December that will include an Islamic financing component.

National Bank of Oman has mandated five banks for a dollar perpetual additional tier one (AT1) bond and is starting the roadshow for the deal on November 5.

Turkish sovereign and bank bonds have crunched tighter as the ruling Justice and Development Party (AKP) regained its parliamentary majority.

The Commercial Bank of Dubai has mandated six banks to arrange a Reg S dollar benchmark bond, and is starting the roadshow for the deal on Thursday.

Majid Al Futtaim (MAF) priced its latest 10 year sukuk flat or even inside its secondary curve, according to bankers on and away from the deal.

Mitsubishi UFJ Financial Group’s banking arm, the Bank of Tokyo-Mitsubishi UFJ (BTMU) has launched a new Islamic Finance business to be run from its Dubai branch.

Majid Al Futtaim (MAF) on Tuesday opened books on only the second Middle East corporate sukuk of the year, as Islamic bond issuance starts to lag behind the 2014 run rate.

Kuwait petrochemicals firm Equate is in the market for a $6bn one year loan after signing a $3.2bn deal to buy ME Global last week.

Turkish automaker Tofas has completed syndication of a €200m seven year loan that will finance research and development projects for two cars.

The newly reopened Middle East bond market has tougher tests of demand ahead, with a trio of mandates hitting screens on Monday morning and two others rumoured.

Teva, the New York-listed Israeli pharmaceutical company, held a meeting with banks on Wednesday for the syndication of $33.75bn of loans to buy generic drug business Allergan Generics.