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Capital Markets

Deals of the year 2010: Middle East and African awards

By Dominic O’Neill
February 04, 2011
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Minerals and dynamism drive MEA deals: Rapid rebound in emerging markets boosted Africa and the Middle East.

Zain Africa acquisition and financing
Size: $10.7 billion (acquisition), $7.5 billion (syndicated loan)
Date: March 20 (loan pricing), June 8 (acquisition closed)
Advisers: Barclays, Global Investment House, Standard Chartered (Bharti Airtel), BNP Paribas, UBS (Zain)
Lead managers: Standard Chartered (global coordinator) and 10 other banks.
Price: 195bp over Libor
Tenor: six years
Dubai World restructuring
Size: $14.4 billion bank debt
Date: 100% bank support announced October 27
Advisers: Rothschild (Dubai World), Moelis (Dubai government)
Terms: no haircut on principal, 1% cash (five-year), 1% cash plus varying shortfall guarantees and 1.5% to 2.5% payment in kind (eight-year)
BP Angola pre-export financing
Size: $2.5 billion
Date: syndication launched August 16
Leads: BNP Paribas, Standard Chartered
Pricing: undisclosed
Tenor: five years
Egypt sovereign bond
Size: $1.5 billion
Date: priced April 22
Leads: HSBC, Morgan Stanley
Pricing: treasuries plus 200bp (10-year), treasuries plus 233bp (30-year)
Coupon: 5.75%

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Dominic O’Neill
Dominic O’Neill is EMEA editor. He joined Euromoney in 2007 to cover emerging markets, focusing on central and eastern Europe, Middle East and Africa, and later on Latin America. Based in London, he has covered developed market banking since 2015.
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