Saudi Arabia
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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
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Saudi government-related bond issuance is 20% up year-on-year
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Bond pricing for the mining company started about 43bp back of its parent
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Sovereign wealth fund takes $2bn, as aimed at
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Very little — if any — premium left for the Public Investment Fund, a major shareholder
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The national champion's AT1 has a smaller investment pool than recent Saudi AT1 sukuk
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CEO named for new branch, more hires to follow
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Meanwhile, Saudi lenders are pricing their first subordinated trades of the year after a record 2025
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Investors showed more appetite for duration than shorter notes
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Saudi government borrowing in 2026 may be lower than in previous years
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PIF's commercial paper programmes have been rated by S&P
