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Emerging Market Loans

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  • Russian energy firm Gazprom Neft has made its first foray into export credit agency (ECA) backed borrowing to sign a €258m 10 year unsecured loan facility.
  • Russian oil firm Rosneft has signed a R35.4bn ($1.1bn) dual tranche loan from state-run lender VTB Group.
  • NCB has been supporting Tibah consortium for Madina International Airport. Besides providing bulk of financing, NCB is the Islamic Structuring Bank in this landmark deal. This is the first Islamically structured International Airport financing in the world. Shari’ah compliant financing is primarily asset-based. However critical infrastructure such as airports are essentially owned by governments. The private entities only receive development and operating rights for a finite period. This made the Islamic structuring all the more challenging. Despite these constraints, an unprecedented structure is designed to ensure its compliance with shariah and maintaining the project’s bankability for the sponsors at the same time
  • FIG
    Qatar National Bank (QNB) this week shrugged off some bankers’ concerns that it priced its loan too tightly, signing an oversubscribed $1.8bn three year unsecured term loan.
  • If angry lenders are looking for someone to blame for Isbank’s attempt to undercut the Turkish FI pricing benchmark, they should begin by looking close to home.