Saudi Arabia

Saudi Basic Industries Corp (Sabic), a diversified chemicals producer, is looking to raise a large syndicated loan with international banks, according to sources close to the potential deal.

Japanese banks have a spring in their step in the Middle East as they roll out expansion plans, but, asks David Rothnie, can they take on more established Western rivals?

Saudi Arabia has requested proposals to refinance its $10bn syndicated loan, signed in 2016. It has also asked for ideas for a dollar bond issue and a possible export credit agency-backed financing, as part of a new financing plan.

Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.

Mizuho Bank has hired a senior banker to run its Saudi office as it looks to develop its business in financing and advisory work.

Saudi Arabian Mining's (Ma’aden) subsidiary Ma’aden Aluminium has signed a $1.78bn syndicated loan to refinance a facility signed seven years ago.

Saudi Arabian Mining Co or Ma’aden, Saudi’s largest mining company, has amended a revolving credit facility that was due to mature at the end of the month.

Citigroup has hired Majed Al-Hassoun to spearhead the relaunch of its investment banking effort in Saudi Arabia.

Saudi Aramco’s jumbo IPO is taxiing towards take off, though the timing and any co-listing locations along with Riyadh have yet to be revealed. London and New York’s exchanges are eager to host a co-listing, with Toronto, Hong Kong and Singapore also in the frame for what promises to be the biggest ever IPO, valuing the company at $2tr.

Saudi Arabian asset prices failed to bounce back this week after last weekend’s high profile arrests, even though wider emerging markets staged a late recovery.

Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days.

Saudi asset prices dropped on Monday after the arrest of senior officials on Saturday caught the market off guard, prompting a 2.2% fall in the Tadawul index and leaving investors nervously awaiting further developments.