Bahrain

Bahrain Commercial Facilities Company (also known as Bahrain Credit) has signed an $80m five year term loan with five banks.

Bahrain’s dual tranche dollar benchmark attracted more than $6bn of orders on Wednesday despite investor expectations of an imminent jumbo issue from Saudi Arabia.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.

Bahrain looked set for a successful dollar market return as books built rapidly for its dual tranche bond following the release of initial price thoughts early Tuesday.

Oman locked down $1.5bn this week, pricing “wisely” with a decent new issue premium and kicking off a busy few weeks of issuance from the Gulf Corporation Council’s oil rich, but cash poor, sovereigns as Bahrain and Saudi Arabia ready trades.

The Middle East bond floodgates have finally opened but with Bahrain hitting the road this week and Saudi Arabia's deal looming, supply concerns have prompted Oman to reopen its dual tranche tap at “eye-wateringly wide” levels.

Aluminium Bahrain (Alba) confirmed on Thursday that its loan had doubled in size, while also revealing the pricing.

Aluminium Bahrain (Alba) has increased the size of its seven year loan from $750m to $1.5bn after strong demand in syndication, said one banker on the deal.

The loan for Aluminium Bahrain (Alba), which is expected to grow beyond its initial target of $750m, is due to be signed on Wednesday.

Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to a Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.

Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to the Saudi Arabia mandate, the deals are expected to be timed to avoid collision.