Middle East Loans

BB Energy, a global energy trading company with a strong presence in the Mediterranean and the Middle East, has refinanced a $225m one-year revolver with a new $245m facility.

The loan market is weighing up the fate of billions of dollars worth of deals after the disappearance and possible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime. Mariam Meskin and Mike Turner report.

Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

The loan market is weighing up the consequences of the disappearance and plausible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime.

Despite a flurry of announcements by business leaders that they were abandoning their visits to a Saudi conference amid claims of the torture and murder of a journalist, IMF boss Christine Lagarde said she would go to Riyadh to “speak my mind”.

Investors’ eyes are on the Middle East this week as a slew of borrowers bring Sukuk trades to market, but while hopes are high for successful deals, a Turkish central bank rate decision looms large in investors’ minds.

Some banks in the Middle East are turning their backs on the syndicated lending model as a way to try to preserve larger allocations in deals, according to a number of bankers from the region. Mike Turner reports.

Telecom Egypt’s $500m five year loan syndication is expected to take at least another couple of weeks after potential lenders met in Dubai on Tuesday.

Loans bankers in the Middle East are turning their backs on the syndicated lending model as a way to try and preserve larger allocations in transactions, according to two bankers from the region.

Kuwait’s Zain Group has signed a $700m five year revolving credit facility, with all lenders scaled back by the telecoms company following an oversubscription.

Emerging market borrowers and investors are returning from the summer break slowly but surely this week, but caution is still the prevailing tone.

Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan.