HSBC is GCC’s most active
Posted: 27 March 2006
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Due to the $2.25 billion bond and simultaneous $970 million bank tranche to fund Qatar ’s RasGas III project, the highest market share in the GCC was jointly held by Goldman Sachs and Lehman Brothers, with three transactions each, totalling $1.176 billion.
As per number the number financing deals, HSBC accounts to be the most active regional mandate lead arranger (MLA) bank in the GCC during 2005, with 11 transactions accounting a deal flow of over $1 billion, Meed’s report on project finance said.
New institutions also became dominant like ABN Amro which jumped to number six after deals in Oman , Qatar , Saudi Arabia and the UAE. ABN Amro was not even in 2004’s top 15.
Mizuho Financial Group leapt to rank five.
As regards finance volume, HSBC was the most active adviser in number and value of transactions, notably through its strength in the Saudi market, it added.
Royal Bank of Scotland comes next after advisory on projects worth in excess of $20 billion, while Societe Generale ranked third, after consulting on the $2.8 billion Qatargas 3 deal and through its longstanding Olefins II advisory in Kuwait .
Gulf International Bank remains the leading project finance provider for the fifth year with 13 deals valued at $914 million.
Dubai Islamic Bank was the only sharia-compliant bank to make it into the top 10 of regional MLAs, which reflects the declining appeal of long-tenor finance for Islamic financial institutions, the report suggested.
This trend is set to continue in 2006 with the major non-Saudi sharia-compliant banks having essentially withdrawn from the market for the time being, it added.
Posted by Editor Pipeline Magazine
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