United Arab Emirates
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Saudi Electricity’s $1.75bn loan, which was signed on August 16, is being syndicated out by the eight lead banks on the deal.
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Two Eurobonds issued by EA Partners were still stuck trading around 85-87 this week after Air Berlin's insolvency, announced last week, with investors left waiting for more information from the issuer.
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Bankers are expecting $5bn-$7bn of supply from Gulf corporates in the second half of this year, as funding officials rush to lock in financing before an expected rate rise by the US Federal Reserve in December.
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Two Eurobonds issued by EA Partners were still stuck trading around 85-87 on Tuesday after Air Berlin announced its insolvency last week with investors leftwaiting for further announcements from the issuer.
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Investors missed a strategic warning from Etihad earlier this year when the company removed the CEO in charge of its $4bn expansion strategy, and were blindsided this week when its partner airline Air Berlin filed for bankruptcy, write Virginia Furness and Aidan Gregory.
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“I was confused before I went in, and even more confused when I came out,” was how one EM investor described meeting Etihad and its partners to discuss its now infamous structured notes.
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Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin.
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The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility of Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.
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Abu Dhabi’s national energy company Taqa is looking to issue a new bond to refinance $500m of debt due in October.
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First Abu Dhabi Bank’s head of loan distribution Steve Perry has left the bank, five months after he joined the capital markets team as part of First Gulf Bank and National Abu Dhabi Bank’s merger.
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HSBC has named a new head of DCM in Dubai, GlobalCapital understands.
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The National Bank of Ras Al-Khaimah (Rakbank) launched its first syndicated loan on Tuesday for $250m with a three year tenor.