Middle East Bonds
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The bank landed well inside fair value estimates, according to three observers -
Comparables are from shareholders like Saudi Arabia and other regional MDBs
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A trio of Gulf senior sukuk this year provide data points for pricing, on top of its own curve
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Issuer is a vital part of Saudi's mortgage and housing market
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The company has not issued for 18 months in public markets
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The bank has an outstanding issue with a first call date in March
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Higher than expected inflation sent yields more than 10bp higher
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A full implementation would mean radical change for issuers and investors
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Super-tight trading makes it a difficult buy for some internationals
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Issuer in market as ceasefire with Gaza is under pressure after Hamas stopped the release of hostages
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The company is a regular face in the sukuk market
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Books for the €500m deal were over three times covered
