Saudi Arabia
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Saudi Arabia real estate financing company Amlak has announced the first IPO on the Tadawul stock exchange since the onset of the global Covid-19 pandemic. -
Saudi Arabia is set to raise its inaugural green loan with export credit agencies next month. The groundbreaking loan would be the first of its kind in the Middle East.
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Saudi Aramco has closed a $10bn loan, according to bankers near the deal. The loan — the largest signed in the Middle East so far this year — comes amid a drop in oil prices, which has sent borrowers in the Gulf hunting for financing.
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Saudi Aramco, the world’s largest oil company, is hunting for a $10bn loan, according to market sources. Plummeting oil prices will send borrowers across the Gulf scrambling to raise financing. But creditors seem happy to plough money into the region, for now. Mariam Meskin reports.
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Saudi Arabia followed neighbours Abu Dhabi and Qatar to the international bond markets on Wednesday, achieving a $7bn deal that was nearly eight times subscribed.
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Saudi Aramco’s IPO last year was a historic event for the company and its owner, Saudi Arabia, but despite a record $29.4bn being raised at IPO, international investors stayed away. They had demanded that the shares offered a discount to other listed oil majors, in part because of the political risk associated with the company. The fact it is now a tool in Saudi Arabia’s oil price war with Russia will have vindicated many in their decision to sit out the deal.
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Emerging markets bondholders started the week in another round of pain as the price of oil fell to a 17-year low, dragging down risk sentiment and putting fiscal balances into more doubt.
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Saudi Arabian fashion retailer Fawaz Abdulaziz Alhokair has raised an $800m multi-currency loan with a consortium of local lenders.
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Drinks group C&C to sell US PPs as Irish firms return — Almarai feasts on $100m for MENA expansion — Lufthansa flies by Schuldschein market for short dated debt — Archer plots loan A&E — Greencoat UK draws debt for wind farm buy
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Dar Al Arkan Real Estate Development Company moved beyond the usual five year tenor it normally issues at on Wednesday, making the most of investors’ willingness to take on longer maturity paper.
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The Islamic Development Bank hit the market for a five year dollar benchmark on Wednesday, raising $2bn at a spread of 40bp to mid-swaps.
