Bahrain
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Bank ABC as sole initial mandated lead arranger has completed a $125m syndicated loan for Bahrain Commercial Facilities Company. -
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.
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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.
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Bank ABC has successfully closed a $213m syndicated loan to Albaraka Türk Bank and launched another two new deals on Wednesday.
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Aluminium Bahrain (Alba) has secured commitments for a $700m export credit facility to finance its Line 6 expansion project.
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Bahrain has raised $600m with a re-opening of its 2028s, pulling in a $2.6bn book that bodes well for the slew of Gulf Co-operation Council (GCC) sovereigns set to charge into the international bond markets this year.
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Bahrain became on Tuesday the first of the Gulf Co-operation Council (GCC) sovereigns to raise international debt in 2017, and will be hoping to make the most of its early mover advantage ahead of a wall of regional supply to match last year's.
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Middle Eastern issuance is set to begin for the year with Gulf International Bank, which is looking to refinance a $500m bond due in December. The issuer is expected to be the first of many hoping to lock in funding before the next US rate hike pushes up borrowing costs.
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Valmet — Segro — Ecom — Aluminium Bahrain — Morpho
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Aluminium Bahrain (Alba) named on Monday the 22 banks which participated in its $1.5bn loan signed in September, a deal which the borrower described as the largest corporate loan in the country's history.
