Saudi Arabia
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Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has signed a $15bn multi-currency revolving credit facility with a syndicate of 17 international banks. Loan market conditions, participants said, are still attractive for borrowers, despite a drought of deals over the last year. -
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Arab Petroleum Investment Corp, the multilateral development bank headquartered in Saudi Arabia, returned to the capital markets to tap a bond it issued just last month. The dollar note saw a notable tightening in pricing.
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Emerging market assets took a hit after several days of US rates volatility this week as market participants braced for further gyrations and issuers avoided raising dollar bonds. Market participants are praying that further central bank stimulus will pacify markets and believe that the asset class is far better prepared for higher rates than it was for the 2013 taper tantrum. Oliver West, Lewis McLellan and Mariam Meskin report.
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Saudi Arabia sold its second euro denominated bond on Wednesday, achieving a negative yield — the first bond of its kind from a Middle East issuer. However, some in the market were underwhelmed with the transaction, which they say is evident in the deal statistics.
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Saudi Arabia was set to sell its second ever bond in euros on Wednesday. The bond, which will allow the kingdom to further diversify its investor base, is expected to tighten considerably from initial price thoughts.
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Saudi Arabia mandated banks on Tuesday to arrange a bond in euros, just a month after it last entered the market to raise dollars. The "opportunistic" bond will enable the kingdom to achieve tight pricing and diversification, market participants said.
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Arab Petroleum Investment Corp — the multilateral development bank headquartered in Saudi Arabia — on Wednesday sold a dollar bond after a week of roadshows. The start of the week has proven fruitful for Middle East banks, as bankers say issuers are steaming on despite volatility in the US rates market.
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Market participants have high expectations for Middle East bond issuance in the first quarter of the year. So far, a range of issuers from across the credit spectrum have entered markets, despite global market volatility.
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