Deal Case Studies MENAT
This year’s Bonds, Loans & Sukuk Middle East Awards saw no shortage of firsts as the regions borrowers and finance professionals pushed the boundaries of the possible through new structures and techniques in a range of transactions.
Turkcell, a leading Turkish phone operator, and the China Development Bank (CDB) signed a multi-jurisdictional loan restructuring facility featuring a rare RMB-denominated tranche in a multi-currency 10-year deal.
In a deal that involves an amortizing loan with debt and equity tranches on a non-recourse project finance basis, the Saudi Arabia-based developer broke new ground by achieving an 18-year tenor, raising USD financing with an EGP-denominated tariff and bringing in a Chinese commercial bank.
In April 2018 Omantel, the Imani telecoms company, successfully priced the inaugural USD1.5bn dual-tranche senior secured offering to refinance a bridge loan closed in late 2017 for the acquisition of a 21.9% stake in Zain Group. It was the largest corporate offering from Oman ever and first dual-tranche transaction from an Omani Corporate with 5.5 and 10-year tenors.
The Omani electricity company SPV placed the first ever corporate sukuk from the country with an elegant legal structure that helped navigate regulatory obstacles.
The trailblazing issuance by the state government could open doors to China’s onshore market to other Middle East issuers as part of the “Bond Connect” initiative.
Dubai Aerospace Enterprise (DAE) has signed a landmark unsecured four-year dual-tranche revolving credit facility with an initial commitment of USD480mn and an accordion feature that allows the facility to be increased to up to USD800mn. The deal was one of the largest conventional/Islamic transactions in the region.
Albaraka Turk extended its reputation as a pioneer in the sukuk market last month, issuing the country’s first Basel III-compliant Additional Tier 1 capital notes – in a Sharia-compliant privately placed, publicly listed format, no less.
The Abu Dhabi National Oil Company’s (ADNOC) hugely successful debut capital markets transaction, a USD 3bn dual-tranche bond, achieved a number of milestones – it was the largest single-currency corporate issuance in the GCC, one of the largest in the Middle East’s corporate history – and marked the start of a bold new financing strategy at the state-owned oil company.
Kuwait National Petroleum Company’s (KNPC) USD6.245bn ECA-backed loan was a triumph for the company’s Clean Fuel Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.
- CASE STUDY: Tabreed’s Innovative Islamic Loan Paves the Way for Future Sukuk Deal
- CASE STUDY: After a Year of Preparation, ACWA Power Comes Through with Blockbuster Debut Bond
- CASE STUDY: EEHC’s Lightning-Fast EGP20bn Syndication to Develop Egypt’s Power Sector
- CASE STUDY: QatarRE Scores Trio of Firsts on International Capital Market Debut
- CASE STUDY: Ezdan Draws Out Tenors with US$460mn Syndication
14 Nov 2018