Bahrain
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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. -
Bahrain Islamic Bank (BIsB) has signed its debut syndicated loan for $101m, double the initial launch amount.
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The dispute between Qatar and six other Gulf states could curb its chances of plugging the country's banks’ funding needs through the syndicated loan market, leading bankers to believe more private arrangements may be the answer to the isolated gulf state’s woes. Bianca Boorer reports.
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Bahrain raised $3bn this week, reopening the market for Gulf bonds after a long summer of political tension in the region. Despite deteriorating financials and a rising debt burden, exceptional market conditions, and expectations of support from its larger neighbour, boosted the book to $15bn, writes Virginia Furness.
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Kingdom of Bahrain drew orders of $15bn for its $3bn triple-tranche trade on Wednesday, having crushed the chunky new issue concession at price talk by as much as 50bp.
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The Kingdom of Bahrain has hired banks for a multi tranche Islamic and conventional trade that at the long end could stretch as far as 30 years, a tenor that some bankers have labelled “ambitious”.
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African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.
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Bahrain Islamic bank (BisB) has launched a $50m murabaha syndicated facility, making its first entry into the loan market, according to bankers in the region.
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Bahrain-based Bank ABC has hired veteran banker Patrick Tan to lead its Asia business in Singapore, according to an announcement on Wednesday.
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Aluminium Bahrain (Alba) has closed the first tranche of its $700m export credit agency (ECA) covered facility taken out in April to finance its Line 6 expansion project.
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Ramadan, the Islamic holy month of fasting which began on May 26, has caused delays to loan deals that were expected to close this week in the Middle East, according to bankers in the region.
