Saudi Arabia
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Investors are growing full of heavy subordinated issuance -
Comps are the owner, PIF, and bonds from aircraft lessors around the world
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Five banks in the GCC have opened books, or plan to, on new paper this week
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A pair of Gulf issuers are considering adding to the resurgence in euro issuance from the region
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The wealth fund hopes to secure a funding arbitrage compared to dollars
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Recent Gulf euro issuance has been 'very tightly priced' to dollars
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Deal attracts strong investor appetite from exclusively Asian lenders
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Saudi mortgage provider will offer a premium to its sovereign, and deal will carry a guarantee
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The Saudi mortgage provider trades about 15bp-20bp over the Kingdom's curve
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The company is offering about 25bp of premium to the Saudi sovereign curve
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Heavy local demand for dollar benchmark, but international appetite for AT1 may have improved
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Observers expected the oil company's deals would be priced close to the Saudi sovereign's curve
