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HSBC, Mizuho and Standard Chartered coordinated deal which drew 10 lenders
Deal comes 11 years after the company's previous loan and was extended by two banks
Saudi Arabia mining firm furths relationships with international banks following a $1bn sukuk in January
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
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Declan McGrath, head of credit markets for the Middle East at Royal Bank of Scotland since 2008 and one of the syndicated loan market’s best-known figures, has taken on a new job in South Africa. He will be responsible for all investment banking operations in the country, and will focus on cross-border deals.
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Commodities trader Glencore, which is marketing a $7bn loan in Asia and Europe, is expected to increase the deal to $9bn when it closes in early May.
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Qatari Diar, the real estate and investment group, is understood to have put together a $300m club loan with a small group of lenders — part of a growing trend towards private bilateral and under the radar deals keeping banks busy in the Middle East.
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Bank lenders expressed renewed concerns this week that lending to emerging market borrowers will remain muted throughout the second quarter, with borrowers in Russia and the Middle East stalling deals as they wait for margins to fall further. Other borrowers have reduced capex programmes and are so flush with cash they are even prepaying last year’s loans. -
Hana Bank is in the market with a $100m loan that offers a much lower margin than a similar facility it issued last year, it emerged on Tuesday.
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Qatar Telecom launched junior syndication of a $2bn revolver on Friday but the tight pricing will shut out many small regional banks, said bankers, who instead tipped it to be popular with Asian lenders.
