Middle East
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In an unexpected move, Dubai Islamic Bank (DIB) pulled out of Albaraka Türk’s latest $450m murabaha loan because it did not think the loan was Shariah compliant, according to two bankers on the deal. -
Turkish participation bank Albaraka Türk has signed a $450m-equivalent one year loan, which it increased from the $400m launch size.
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Etihad Airways, in search of a platform from which to fund itself and its subsidiaries, has turned to the bond market’s financial laboratory and come up with a unique structure that has emerging market investors doing some serious credit work.
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A flood of banks in the Middle East are set to follow the two Abu Dhabi names which are making a dash for cash in the loans market to meet new regulations as they grapple with low oil prices, writes Elly Whittaker.
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Debt bankers close to Etihad Airways’ structured bond deal are expecting investors to ask for a 50bp premium on top of the fair value yield, while interested fund managers have started price analysis in earnest.
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Etihad Airways will meet investors from Thursday to introduce a structured deal that has been alternately described by bankers away from the transaction as “impressive” and “too clever by half.”
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Abu Dhabi's First Gulf Bank has agreed a loan at a margin 60bp tighter than its last deal, as it raises $1bn to meet the liquidity requirement of the United Arab Emirates central bank.
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OSN, the Dubai-based subscription television company, has signed its second syndicated loan for $400m, which was twice oversubscribed.
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Abu Dhabi's Union National Bank has closed books for its three year loan and will increase it from the launch size of $500m, according to a banker on the deal.
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Turkish participation bank Albaraka Türk will sign its murabaha loan next week and increase the deal from the $400m launch size, according to bankers on the deal.
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Bank of America Merrill Lynch and Wells Fargo are coordinating First Gulf Bank’s $1bn loan, which has all-in pricing of 85bp over Libor.
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Turkish participation bank Albaraka Türk will sign its murabaha loan next week and increase the deal from the $400m launch size, according to bankers on the deal.
