Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The company has enjoyed two rating upgrades since its last sukuk issuance
Some price discovery needed due to sukuk format and long tenor
Oil giant's bonds were priced no more than 15bp over the sovereign's curve
The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
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Global banks have been stepping up their pitches to win the mandate for oil giant Saudi Aramco's $100bn IPO during the second week of meetings, as competition heated up to win a spot on the on-again, off-again blockbuster sale. -
Investors this week have again affirmed their confidence that Middle Eastern issuance will be the redeeming factor in emerging markets this year with a handful of names expected to raise debt, despite a challenging third quarter.
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MEA-based waste management services provider Averda has amended and extended an existing term loan facility, garnering 70% oversubscription.
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Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is close to finalising its second syndicated loan, which is scheduled for September. Margins are slimmer than on the borrower’s debut last year, according to bankers, though some in the market wondered if the fund will push even further on pricing before the deal is done.
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Equity bankers flew out to the Middle East this week to pitch for roles in the IPO of Saudi Aramco, Saudi Arabia’s state oil and gas giant, according to equity capital markets sources.
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The Middle East is facing its heaviest ever redemption schedule at the start of 2020, and investors are expecting the region to dominate the primary market when issuance begins in September.
