Middle East
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Saudi Electricity Company is asking to pay a margin of between 35bp and 50bp for a basket of up to $5bn of loans, according to a banker on the deal. -
Akbank AG, the Frankfurt based subsidiary of Turkey’s Akbank, has completed a $205m refinancing and increased the syndicate to 19 banks.
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Abu Dhabi National Energy Company (Taqa) has closed its $3bn refinancing, with the deal oversubscribed despite what loan officials described as “aggressive” negotiations with banks.
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Dubai Aerospace Enterprise will repay $705m of loans ahead of schedule with funds from the sale of its maintenance, repair and operations unit, StandardAero.
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The Abu Dhabi based Emirates Motor Company (EMC) has closed a $175m loan that includes an Islamic component with four banks.
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Omani oil & gas firm Renaissance Services sold a dual tranche dollar and Omani rial perpetual bond on Wednesday amounting to $125m.
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Omani oil and gas firm Renaissance Services has sold a dual tranche dollar and Omani rial perpetual bond amounting to $125m.
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Turk Eximbank closed a €500m loan on Tuesday with its novel two-year tranche proving popular with banks.
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Akbank set a template this week that bankers hope Turkish peers will seek to emulate by closing Turkey’s first standalone three year term loan since 2006.
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Turkey has made enormous strides since the turn of the century, recording a decade of growth and pushing through vast waves of reform. Now its main challenge is to inject enough fresh growth into an economy that shows signs of stalling. This will not be easy, especially now that the political outlook has become clouded following an unconvincing win for the ruling AKP party. Elliot Wilson reports.
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In this round-up, Hong Kong deposits rose in April, but cross-border RMB trade settlement fell, Macau announced its March deposit figures, ICBC opened two new offshore branches in Montreal and Riyadh, RMB clearing in South Korea has reached a daily average of Rmb25bn, and Japanese bank MUFG helped Brazilian clients settle trade with China in RMB.
