United Arab Emirates

The RMB is now the most active currency used by the United Arab Emirates and Qatar for direct payments with China and Hong Kong, the latest data from the Swift shows. This is despite global expectation of a further weakening in the renminbi.

Emirates Global Aluminium has still not completed syndication of its $4.9bn seven year loan facility, despite bankers saying that the deal would have closed before the end of last year.

The Emirate of Sharjah printed a five year sukuk in horrific market conditions on Wednesday, but bankers say the pragmatic emirate should be applauded as conditions are only going to get worse.

National Bank of Abu Dhabi has hired a new head of transaction management in debt origination and distribution.

A 30bp sell-off of Middle Eastern credit overnight could not knock Sharjah off course as it printed a five year sukuk in what bankers described as horrific market conditions on Wednesday.

Six Japanese lenders have arranged a $1.2bn loan for Abu Dhabi National Oil Company (ADNOC) as part of a $3.3bn loan arranged by Japan Bank for International Cooperation (JBIC) to ensure oil supplies for Japanese companies.

Sharjah has become the first CEEMEA issuer to brave the bond markets this year, mandating six banks for a Reg S-only dollar sukuk roadshow and defying sceptics who said earlier this week that Middle East issuance would be postponed as geopolitical tensions in the region escalated.

Low oil prices and the absence of its biggest lender will see the global sukuk market shrink further in 2016 though a couple of brand new issuers are expected, according to Standard & Poor’s.

Aegean Oil Terminal Corp, a Greek oil rig construction firm, has signed a $120m loan with four Gulf banks.

Emirates Global Aluminium (EGA) is wrapping up syndication for a $4.9bn seven year loan facility and will close the deal before the end of the year, according to a banker with knowledge of the deal.

The People’s Bank of China (PBoC) and the Central Bank of United Arab Emirates have signed a memorandum of co-operation to set up renminbi clearing arrangement in UAE. At the same time the region is set to get its first RQFII quota.

Vivalto Santé, the French private health service provider, has announced €228m of loans for its leveraged buyout by Mubadala Development Co, the Abu Dhabi Government owned investment and development company.