Latest news with #LauraGardnerCuesta
Yahoo
7 hours ago
- Business
- Yahoo
Saudi Arabia's IPO Boom Faces Multiple Challenges
Saudi Arabian firms have raised about $3 billion from new share sales this year, making it one of the world's hottest IPO markets. But a series of recent setbacks is threatening to take the sheen off that boom, Bloomberg's Laura Gardner Cuesta reports on Horizons Middle East & Africa.
Bloomberg
8 hours ago
- Business
- Bloomberg
Saudi Arabia's IPO Boom Faces Multiple Challenges
June 9th, 2025, 6:42 AM GMT+0000 Saudi Arabian firms have raised about $3 billion from new share sales this year, making it one of the world's hottest IPO markets. But a series of recent setbacks is threatening to take the sheen off that boom, Bloomberg's Laura Gardner Cuesta reports on Horizons Middle East & Africa. (Source: Bloomberg)
Yahoo
28-03-2025
- Business
- Yahoo
Abu Dhabi's Second-Biggest Bank Said to Weigh Selling Bad Loans
(Bloomberg) -- Abu Dhabi Commercial Bank PJSC is considering potentially offloading more bad debt, people familiar with the matter said, as Middle East lenders look to further clean up their balance sheets. Why Did the Government Declare War on My Adorable Tiny Truck? How SUVs Are Making Traffic Worse Gold-Rush Fever Returns to Historic New Zealand Mining Town Trump Slashed International Aid. Geneva Is Feeling the Impact. These US Bridges Face High Risk of Catastrophic Ship Strikes Abu Dhabi's second-largest lender could look to sell a package of non-performing loans as soon as the end of 2025, the people said, declining to be identified as the information is private. The bank is in the early stages of studying such a deal, the people said. ADCB first sold distressed debt in 2023, twin deals that were seen as landmarks for the region. It offloaded a $1.1 billion loan book to US hedge fund Davidson Kempner Capital Management LP, as well as $357 million of debt to a recovery fund led by professional services firm Grant Thornton. The bank hasn't made final decisions on the timing or size of the latest sale, though people familiar with the matter said it could be similar in magnitude to the Grant Thornton deal. A spokesperson for ADCB declined to comment. Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region. The lender recently received an upgrade from S&P Global Ratings, which said 'strategic balance-sheet derisking over the past four years has strengthened its resilience to economic cycles and unexpected stresses.' Banks often sell off problem loans to free up resources and shore up their balance sheets. Such deals are gaining prominence in the Middle East. Deutsche Bank AG acquired a portfolio of soured loans worth around $800 million from the United Arab Emirates's largest lender, First Abu Dhabi Bank PJSC, at the start of the year. Further afield, several lenders in Saudi Arabia have also been considering similar deals, Bloomberg News has reported. Saudi National Bank is expected to complete a transaction by the end of the year, people familiar with matter said earlier this month. --With assistance from Laura Gardner Cuesta. Business Schools Are Back Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer A New 'China Shock' Is Destroying Jobs Around the World The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? ©2025 Bloomberg L.P. Sign in to access your portfolio
