Saudi Arabia
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Main comparables will be recent deals from Al Rajhi's Gulf peers, not its debut note -
Saudi bank drew a book over four times the size of its sukuk debut
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Saudi Arabia’s wealth fund only paid around 5bp over the sovereign’s curve
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Demand topped $4bn by midday UK time on Wednesday
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The IPO will be priced at Sr48 a share, the top of the initial range
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The sovereign wealth fund has already raised $5bn via conventional bonds this year
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More real estate debt on offer despite waning demand
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Modern Mills is expected to raise $300m on the Tadawul in the first large Saudi IPO of 2024
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The Kingdom is facing budget deficits after 2022's surplus
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Saudi Aramco follow-on could hit $20bn
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The UAE bank was the second top-rated Gulf lender to issue this week
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Books passed $3.6bn for the second Saudi bank sukuk of 2024
