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The company received its first credit rating this week
Another Saudi bank brought an AT1 the day before, continuing the spree
The financing marks the bank’s first Islamic syndicated transaction in the international market
A splurge of Gulf AT1 issuance is coming and issuers are pushing hard on pricing
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The issuer could have issued last week but held off due to heavy competing issuance
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Investors face taking on loss sharing, changing the fundamental nature of sukuk
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Sukuk from Western issuers are very rare
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Demand was nearly eight times the deal size
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Islamic buyers are showing keen demand for subordinated sukuk
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Saudi oil giant will land close to the sovereign's curve, said one fund manager