GCC
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Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date. -
Oman, one of the most fiscally challenged sovereigns in the Gulf, is set to raise a $2.85bn commodity linked pre-payment facility. Natixis and Société Générale are expected to lead the transaction, according to bankers.
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Banks working on the IPO of Finablr, the financial holding company that owns Travelex, had to reduce the price of the IPO and extended the books to 3pm on Tuesday, in order to price the transaction.
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There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.
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Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.
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Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.
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Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.
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Saudi Telecom Co printed a $1.25bn 10 year sukuk on Thursday from book of more than $4.5bn, with a spread just inside fellow state-owned corporate Saudi Electric Co.
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Abu Dhabi’s sovereign wealth fund, Mubadala, has refinanced a $1.75bn loan, increasing it to $2bn after receiving heavy oversubscription.
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Saudi Telecom Company has tightened price guidance for its debut international sukuk, a dollar 10 year that has already drawn a book of around $3.5bn.
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Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.
