Saudi Arabia
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The wealth fund hopes to secure a funding arbitrage compared to dollars -
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
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Book of over $7.5bn prompts enlargement
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CP programme launched over the summer
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Saudi bank issues first international AT1 to 'great' pricing
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Issuer's first AAOIFI-compliant could appeal to more investors
