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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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Dubai suffered a blow on Wednesday when Moody’s downgraded five state-owned companies, including ports operator DP World and Dubai Electricity & Water Authority (Dewa) — both of which have big loans outstanding.
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Dubai’s Emirates National Oil Company (ENOC) is using a loan from National Bank of Dubai and Standard Chartered to back a £1.15bn cash takeover of Dragon Oil, announced on Monday morning. But in a sign lenders are still wary of underwriting deals for the emirate’s borrowers, the facility was clubbed and will not be syndicated.
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MDM Bank signed a $250m syndicated loan last Friday, the first deal of the year from a Russian financial institution and one which bankers hope will ease the path into the market for at least two other such borrowers before the end of 2009.
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Standard Bank South Africa has signed a $160m club loan after scaling back lenders on the heavily oversubscribed facility. The borrower completed the one year deal, which raised over $200m from nine banks, at the end of last week. The margin is 125bp, while the top ticket paid 100bp, bringing the all-in to 225bp.