Saudi Arabia
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Saudi Aramco’s IPO last year was a historic event for the company and its owner, Saudi Arabia, but despite a record $29.4bn being raised at IPO, international investors stayed away. They had demanded that the shares offered a discount to other listed oil majors, in part because of the political risk associated with the company. The fact it is now a tool in Saudi Arabia’s oil price war with Russia will have vindicated many in their decision to sit out the deal. -
Emerging markets bondholders started the week in another round of pain as the price of oil fell to a 17-year low, dragging down risk sentiment and putting fiscal balances into more doubt.
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Saudi Arabian fashion retailer Fawaz Abdulaziz Alhokair has raised an $800m multi-currency loan with a consortium of local lenders.
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Drinks group C&C to sell US PPs as Irish firms return — Almarai feasts on $100m for MENA expansion — Lufthansa flies by Schuldschein market for short dated debt — Archer plots loan A&E — Greencoat UK draws debt for wind farm buy
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Dar Al Arkan Real Estate Development Company moved beyond the usual five year tenor it normally issues at on Wednesday, making the most of investors’ willingness to take on longer maturity paper.
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The Islamic Development Bank hit the market for a five year dollar benchmark on Wednesday, raising $2bn at a spread of 40bp to mid-swaps.
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Saudi Arabian food and beverage producer Almarai has secured a $100m loan from the European Bank for Reconstruction and Development (EBRD) to support expansion in Egypt and Jordan.
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Riyad Bank has tightened price guidance on its 10 year non-call five tier two bond, with order books at over $4.8bn for the note.
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Saudi Arabia's Dar Al-Arkan Real Estate Development Company will issue its second sukuk in four months as it embarked upon a roadshow on Monday for a seven year Reg S dollar deal.
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Qatar National Bank returned to the euro market for the first time since March 2018 this week, while there was also an unusual outing in Saudi riyal as Emirates NBD made its debut in the currency — the first from a non-Saudi issuer since 2018.
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Bahrain Steel to lock in better conditions in refi — Saudi sparks life into local loan mart — Cranfield University soft-sounds private placement market — Golding Homes looks to add hundreds of houses with £120m facility — Great Portland brings ESG loans to UK Reits
