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Absa, FirstRand and Standard Bank were MLAs in first deal after private equity exit
Omani oil company has pushed out maturity by a year
Renamed company's $4.2bn murabaha facility has lifted Saudi banks
Volume dips only slightly despite there being a third fewer transactions
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UAE-based shopping centre developer Majid Al Futtaim is looking to raise as much as $500m through an Islamic loan to fund its Mall of Egypt development in Cairo. The company has reportedly asked Banque Misr and National Bank of Egypt to arrange the deal, which will be denominated in Egyptian pounds and may not come until near the end of the year.
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More than one-in-eight high yield companies in Asia are facing a dangerous financing environment, relying on external funding sources that are by no means certain, according to Moody’s. The rating agency’s Asian liquidity stress index rose to 14.6% in February, up from 12.5% the month before.
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The Republic of Kenya has launched its $600m medium term loan after the government hired three banks to arrange the facility.
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Russian oil credit Rosneft has been rewarded for the increased margin on its $1.5bn loan by the return of French banks to its lending group. But liquidity challenges remain in a market that is fatigued by the borrower’s $2bn outing in December.
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Despite a trickle of big ticket deals in the pipeline, loan volumes will be low until at least the end of June when lenders can assess the full impact of the European Banking Authority’s 9% tier one capital requirements.