Bahrain

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”.

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.

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.

Bahrain-based Bank ABC has hired veteran banker Patrick Tan to lead its Asia business in Singapore, according to an announcement on Wednesday.

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.

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.

Bank ABC as sole initial mandated lead arranger has completed a $125m syndicated loan for Bahrain Commercial Facilities Company.

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Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.

Bahrain’s Arab Banking Corporation decided to repay its $750m loan ahead of its maturity due to an increase in its liquidity, allowing it to avoid further interest payments.

Bank ABC has successfully closed a $213m syndicated loan to Albaraka Türk Bank and launched another two new deals on Wednesday.

Aluminium Bahrain (Alba) has secured commitments for a $700m export credit facility to finance its Line 6 expansion project.