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Emirati lenders are increasing lending activity abroad, with First Abu Dhabi Bank participating in a syndicated loan facility in India, and Emirates NBD and Abu Dhabi Islamic Bank joining in on a senior financing transaction in London.
#1- First Abu Dhabi Bank is among the lenders participating in a USD 1.3 bn syndicated social loan to Indian non-banking financial services provider Shiram Finance, marking the largest offshore borrowing by an Indian shadow lender, according to a press release (pdf).
The details: The financing includes a USD 1.2 bn tranche, a AED 275 mn tranche, and a EUR 50 mn tranche, with tenors of up to five years, it said in the statement. The transaction also includes a USD 250 mn portion from the International Finance Corporation, Bloomberg reports, citing people familiar with the matter.
ADVISORS- DBS Bank, First Abu Dhabi Bank, HSBC, the IFC, MUFG, Standard Chartered, and Sumitomo Mitsui Banking Corporation (SMBC) acted as global coordinators, mandated lead arrangers, underwriters, and bookrunners. Emirates NBD also acted as mandated lead arranger, underwriter, and bookrunner, while BNP Paribas, CTBC Bank, and
Deutsche Bank contributed as mandated lead arrangers and bookrunners. Kotak Mahindra Bank acted as mandated lead arranger.
This is not Shiram’s first time tapping offshore debt this year: The lender already sold a USD 468.4 mn loan and two USD bonds totaling USD 1.3 bn this year, as more shadow lenders from the country tap offshore debt markets after after India’s central bank tightened rules for NBFS providers to secure local currency bank loans last year.
#2- Emirates NBD and Abu Dhabi Islamic Bank closed a USD 177.6 mn senior financing transaction for a purpose-built student accommodation in London, according to a press release. The transaction was executed as a 50/50 club arrangement between the two lenders.
The project: The financed property, Paddington Citi View, comprises 353 bedrooms and is situated near London’s Paddington Station. Formerly known as Lillian Pension Hall, the asset was acquired by Union Property in 2022 from the University of London.
ADVISORS-Addelshaw Goddard served as an advisor for Emirates NBD, while ADIB was advised by Foot Anstey, and Union Property by Muckle.
