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Grandiose construction plans are having to be scaled back as Saudi borrowing rises, but the main point is social progress
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Middle Eastern banks are diversifying their funding portfolios by entering the international syndicated loan market for the first time, with Bahrain Islamic Bank (BisB) signing a deal at the end of September and two more due to sign this month.
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India's Tata Motors has put out feelers with its relationship banks for a new borrowing to refinance $850m of syndicated loans.
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Indian Oil Corp (IOC) has returned to the loan market for the second time this year with a $300m five year refinancing, managing to squeeze pricing yet again.
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Trafigura's Singaporean entity Trafigura Pte signed an oversubscribed $1.99bn loan on Monday with 27 banks to refinance previous facilities.
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The international distribution arm of the State Oil Company of Azerbaijan (Socar) has signed a $300m loan with 15 lenders despite a recent downgrade.
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Turkey’s Vakifbank has signed its second refinancing facility of the year for $891m equivalent, with a bigger euro tranche than its previous facility, showing banks' preference for financing in euros over dollars.