Saudi Arabia

Mobile Telecommunications Company Saudi Arabia (Zain) has refinanced a syndicated loan it signed in June for a cheaper, longer dated bilateral deal from ICBC.

The Saudi British Bank (SABB) is syndicating a rare dollar loan co-ordinated by its 40% owner, HSBC. The loan is for $400m, one banker said.

Saudi Arabia could still print its widely anticipated bond in July, according to several EM syndicate bankers.

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association have added to the number of Shariah compliant hedging tools available to investors with two standards for Islamic forward foreign exchange products.

Saudi Arabia has released a request for proposals for its much anticipated international bond. GlobalCapital has details.

As the $100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. Columnist Philippe Espinasse looks at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

Saudi Arabia signed a $10bn loan with its relationship banks this week, according to one lead banker, and secured the price of a three year loan with a guarantee of five year money, according to three bankers.

Saudi Arabia will sign its $10bn sovereign loan on Wednesday, according to a lead banker, and the tenor is shorter than many think, according to two other sources.

Saudi Arabia on Monday announced its plans to diversify away from oil production through a plan it called "Vision 2030". But the oil rich nation won't find it easy to execute in the plan, particularly when it comes to attracting skilled foreigners to fuel its goals.

Saudi Arabia’s plans for economic and social reform will involve developing its financial markets, including the use of derivatives.

Even the big beast of the Middle East is suffering the financing pressure sweeping the region. The margin on oil-drenched Saudi Arabia’s $10bn loan, revealed this week, compared to what it might have coughed up just months ago shows no borrower is immune, writes Elly Whittaker.

Saudi Arabia will pay a margin of between 100bp-110bp for its loan of up to $10bn, according to a banker on the deal.