Bahrain
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Bahraini investment group Gulf Finance House printed its $300m five year sukuk on Tuesday from a book of more than $750m. -
Bahraini investment group Gulf Finance House is targeting a $300m five year issue for its debut international sukuk.
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Bahrain Mumtalakat, the country’s sovereign wealth fund, printed its $500m bond on Tuesday at 4.25% having tightened 62.5bp from initial guidance.
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Aluminium Bahrain (Alba) has refinanced an existing $1.5bn loan with tighter margins. The deal is one of just a few raised in Bahrain this year, which has seen the number of syndicated loan deals drop almost 50%.
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National Bank of Bahrain has made a bid to buy a majority stake in Bahrain Islamic Bank, of which it already owns 29%. The move is the latest in a seemingly endless round of consolidation between Gulf banks, driven by the effort to become more competitive in what many have called an oversaturated banking market.
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Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.
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Four Middle Eastern borrowers are set to come to market next week, as issuers and investors alike shake off the volatility caused by the attack on Saudi oil facilities last weekend.
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Albaraka Turk Participation Bank and the Islamic Development Bank have signed a $40m Islamic financing facility to support small and medium enterprises in Turkey.
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Bahrain Commercial Facilities Co, a consumer lender, has raised a $125m five year loan facility from a consortium of regional banks.
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The Bank of Bahrain and Kuwait has picked banks for a dollar benchmark, following a roadshow.
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Bahrain plans to raise debt in capital markets over the next year, and bankers believe it should get a positive response from the market as the country is expected to continue recovering from a period of economic instability.
