Middle East Loans
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Lenders have piled in with aggregate commitments well beyond the €1.5bn deal size for Qatar National Bank, as the lender swerved negative ratings actions against a number of Qatari banks.
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The Islamic subsidiary of Turkey’s Ziraat Bank has signed its first murabaha loan, increasing the deal from $75m to $155m. Meanwhile, Sharjah Islamic Bank secured a $265m loan. -
Saudi Arabia signed a $10bn loan with its relationship banks this week, according to one lead banker, and secured the price of a three year loan with a guarantee of five year money, according to three bankers.
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Saudi Arabia will sign its $10bn sovereign loan on Wednesday, according to a lead banker, and the tenor is shorter than many think, according to two other sources.
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Abu Dhabi-owned Mubadala will wrap up its $2bn refinancing by the end of May and has achieved roughly the same margin as the loan it refinances, according to two sources.
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Oman's ministry of finance has signed a $2bn syndicated loan to buy aircraft from the UK’s BAE Systems, according to a banker on the deal, as the country prepares to launch its first international bond.
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Even the big beast of the Middle East is suffering the financing pressure sweeping the region. The margin on oil-drenched Saudi Arabia’s $10bn loan, revealed this week, compared to what it might have coughed up just months ago shows no borrower is immune, writes Elly Whittaker.
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Commitments are due for Qatar National Bank's €1.5bn loan on Friday, after only a short stint in the market. The deal is expected to entice a raft of European lenders keen to put cheaply raised euros to work.
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Saudi Arabia will pay a margin of between 100bp-110bp for its loan of up to $10bn, according to a banker on the deal.
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Luxury hotel complex Atlantis the Palm, is syndicating an $850m-equivalent loan to pay for the next stage of development for the five star resort.
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The $250m loan for Gulf schools operator GEMS Education has been signed with mostly Middle Eastern banks in the syndicate.
