Saudi Arabia

Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO).

Arab Petroleum Investments Corporation (Apicorp) became the second issuer from the Gulf to tap the offshore renminbi market this week, making this year already the biggest on record for Gulf renminbi bonds.

Saudi Arabia’s debt markets are open for business, the hiring charge is on and foreign banks are flooding in, but there has been a struggle to build a local force of primary bond market bankers, boding ill for the capital markets expansion the country is hoping for.

Saudi Basic Industries Corp (Sabic), a diversified chemicals producer, is looking to raise a large syndicated loan with international banks, according to sources close to the potential deal.

Japanese banks have a spring in their step in the Middle East as they roll out expansion plans, but, asks David Rothnie, can they take on more established Western rivals?

Saudi Arabia has requested proposals to refinance its $10bn syndicated loan, signed in 2016. It has also asked for ideas for a dollar bond issue and a possible export credit agency-backed financing, as part of a new financing plan.

Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.

Mizuho Bank has hired a senior banker to run its Saudi office as it looks to develop its business in financing and advisory work.

Saudi Arabian Mining's (Ma’aden) subsidiary Ma’aden Aluminium has signed a $1.78bn syndicated loan to refinance a facility signed seven years ago.

Saudi Arabian Mining Co or Ma’aden, Saudi’s largest mining company, has amended a revolving credit facility that was due to mature at the end of the month.

Citigroup has hired Majed Al-Hassoun to spearhead the relaunch of its investment banking effort in Saudi Arabia.

Saudi Aramco’s jumbo IPO is taxiing towards take off, though the timing and any co-listing locations along with Riyadh have yet to be revealed. London and New York’s exchanges are eager to host a co-listing, with Toronto, Hong Kong and Singapore also in the frame for what promises to be the biggest ever IPO, valuing the company at $2tr.