Saudi Arabia
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Books will open on Sunday for Aramco’s first follow-on since IPO -
The prices on offer mean little pushback from investors when Saudi Arabia issues more than planned
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The Kingdom is the emerging markets’ biggest sovereign issuer of the year by far
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Bank’s first issue for nearly four years offers 5bp NIP on a $500m note
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The Kingdom was thought to have completed its international debt borrowing for 2024 in January
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Deal is latest in busy series of flotations in Saudi Arabia
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The trade is the first sustainable AT1 from a Gulf bank
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After a deluge of state backed IPOs, next on bankers’ wishlist for the region is a liquid blocks market and more privately owned company IPOs
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Only Saudi banks provide facility, as Western banks say the lack of ancillary opportunities makes the business case difficult
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A liquid market for follow-on share sales is the next step for the region’s equity capital markets
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Abu Dhabi book $15bn at first update, Apicorp mandates
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Local demand is high enough that issuers can push down pricing, but that puts off overseas buyers
