Middle East
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The Government of the Sultanate of Oman, has mandated banks for its Omani rial sukuk, which is expected to be a precursor to an international sukuk.
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Turkey’s Yapı Kredi Bank has signed a $1.2bn-equivalent one year loan, leaving only Garanti left to come in the refinancing cycle for large Turkish banks. -
Bahrain is planning a dual tranche international bond deal, according to bankers that have seen the Kingdom’s request for proposals (RFP).
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Turkcell will add to a busy September of funding by signing up to €1.25bn of loans with the China Development Bank in the next few days.
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United Arab Bank has completed and signed a $125m three year loan with a syndicate of six banks.
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Abu Dhabi Commerical Bank — an A-rated CEEMEA stalwart — pulled a dollar bond mid-way through execution on Monday afternoon, leaving bankers and buyers questioning whether Middle East liquidity could be much weaker than they had thought.
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Rival debt bankers like to pounce on pulled deals like coyotes on wounded possums. But emerging market syndicate officials would do well to look beyond the opportunity for point scoring to what Abu Dhabi Commercial Bank’s abortive trade really indicates about Middle East liquidity.
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National Bank of Abu Dhabi has raised $75m with a trio of private floating rate medium term notes, printing at its shortest maturity yet in the format, and more in such maturities could follow from banks in the region.
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Abi Dhabi Commercial Bank has released initial price thoughts equating to a 20bp new issue premium for its bond deal, according to a lead.
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The Loan Ranger's trusty companion Silver travelled to the Middle East to learn about the ways of Arabian stallions and the local market, but returned with tales of strange greeting rituals.
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Turkcell has mandated BNP Paribas, Citi and HSBC for a debut dollar bond and is set to meet investors in the US and Europe next week ahead of the deal.
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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 bankers on the deal.
