United Arab Emirates
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Sharjah Islamic Bank is close to launching a $200m murabaha loan, according to bankers. -
Abu Dhabi’s government related entities (GREs) are expected to turn to the loan market this year as redemptions and expansion projects in the region increase the need for funding.
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In a secretive deal that has only come to light now, NBAD signed $1bn of tightly priced one year loans with five close relationship banks at the end of last year. The lenders were Bank of America Merrill Lynch, Crédit Agricole, Citigroup, HSBC and Bank of Tokyo-Mitsubishi UFJ.
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Mubadala, the Abu Dhabi investment firm, has launched a $2bn loan refinancing and will likely aim for a tight margin despite a choppy Middle East loan market, according to bankers.
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National Bank of Abu Dhabi has mandated six banks for investor meetings starting February 8.
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Citi UAE has brought in Elissar Farah Antonios as its new chief executive officer.
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The RMB is now the most active currency used by the United Arab Emirates and Qatar for direct payments with China and Hong Kong, the latest data from the Swift shows. This is despite global expectation of a further weakening in the renminbi.
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Emirates Global Aluminium has still not completed syndication of its $4.9bn seven year loan facility, despite bankers saying that the deal would have closed before the end of last year.
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The Emirate of Sharjah printed a five year sukuk in horrific market conditions on Wednesday, but bankers say the pragmatic emirate should be applauded as conditions are only going to get worse.
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National Bank of Abu Dhabi has hired a new head of transaction management in debt origination and distribution.
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A 30bp sell-off of Middle Eastern credit overnight could not knock Sharjah off course as it printed a five year sukuk in what bankers described as horrific market conditions on Wednesday.
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Six Japanese lenders have arranged a $1.2bn loan for Abu Dhabi National Oil Company (ADNOC) as part of a $3.3bn loan arranged by Japan Bank for International Cooperation (JBIC) to ensure oil supplies for Japanese companies.
