A series of GCC corporates, including several newcomers, entered the syndicated loan market in mid-October.

In Kuwait, telecoms operator MTC has appointed a six-strong group of mandated lead arrangers (MLAs) for a $750 million murabaha facility. The one-year deal will refinance a loan of the same size maturing in December, which was arranged by the same group of banks, as well as providing fresh funds (MEED 13:1:06).

The MLAs are ABC Islamic Bank, Arab Bank, Calyon, Gulf International Bank, Kuwait Finance House (KFH) and National Bank of Abu Dhabi (NBAD). The margin is a flat 65 basis points (bp), compared with 50-60 bp on the previous deal. Syndication is due to be launched imminently.

Also in Kuwait, a murabaha for Aref Investment Group, a KFH subsidiary, is due to be signed on 6 November. The borrower has decided to increase the size of the loan to $200 million from $100 million after the order book came in at some $250 million. ABC and Standard Chartered Bank (SCB) are the MLAs. The margin is 150 bp (MEED 6:10:06).

A $160 million, 12-year conventional loan for Aviation Lease & Finance Company (Alafco), a joint venture of KFH and Kuwait Airways is also in the documentation phase. ABC and Calyon are arranging (MEED 4:8:06).

In the UAE, Al-Jaber Transport & General Contracting in mid-October signed a two-tranche borrowing, arranged by Emirates Bank International. The facility comprises a $300 million dollar-denominated portion and a AED 367 million ($100 million) local currency-denominated portion. The tenor is five years.

Joining at syndication were Abu Dhabi Commercial Bank (ADCB), Bank of Bahrain & Kuwait, International Bank of Qatar, Lloyds-TSB, Mashreqbank, NBAD and Sumitomo-Mitsui Banking Corporation. The funds raised will be used for a combination of refinancing and expansion (MEED 8:9:06).

Al-Mazrui Holding has signed a $115 million loan, the first for the company and increased in size from $100 million due to heavy demand. The five-year facility carries a margin of 90 bp. BNP Paribas was the sole MLA, while ADCB joined at the senior lead arranger level. Also participating in the deal were Bank Muscat International, First Gulf Bank, Habib Bank, HSBC, Mashreqbank, National Bank of Fujairah and SCB.

SCB has been appointed sole MLA on a two-tranche borrowing for Dubai-based retailer Landmark Group. The facility comprises a three-year, $50 million revolver, with a margin of 115 bp, and a five-year, $100 million term loan paying 130 bp. Banks have been approached to join at the senior level.

Qatar's Al-Rayan Bank has won its first arranging mandate since being established last year. The bank has been appointed with HSBC to arrange a one-year $105 million murabaha for Qatar Real Estate Investment Company (QREIC). Syndication is under way (MEED 22:9:06).