Saudi Arabia

Global banks working on Saudi Aramco’s IPO have dismissed claims that they are effectively sidelined and insist they are engaging international investors, despite the issuer’s decision not to roadshow outside the Gulf.

Saudi Aramco’s decision to make its IPO a local affair, with no international marketing, is a lacklustre end to what is nonetheless a huge capital markets event. Unrealistic objectives and hype have taken the shine off a monumental deal.

The IPO of Saudi Aramco will be a local affair after international investors made clear that they wanted a greater concession for the oil giant than the Saudi Arabia was willing to give.

Equity capital markets investors are waiting eagerly for the price range for Saudi Aramco's IPO and are hoping the Saudi state has listened to the feedback they have given it so far.

Saudi Aramco released an initial IPO prospectus on Sunday and some, mainly in the mainstream financial press, were outraged that it contained no details on price or deal size. However, a full two week investor education process is a perfectly normal feature of IPOs and the fact that Aramco is doing its deal by the book is a good thing.

Islamic Development Bank has spurred momentum in the green sukuk market, as it announced its debut, a euro deal, in the format this week.

Saudi Arabia is gathering feedback on how investors see the value of its unique oil company, Aramco, through an army of investment banks. It will have to choose between two priorities: pushing for the crown prince's cherished $2tr valuation or the potentially bigger prize of attracting a wide range of international investors, writes Sam Kerr.

The launch of Saudi Aramco’s IPO on Sunday will begin a fortnight of feverish debates and valuation discussions among investors and banks. But Aramco is not just an investment in an oil company: it is an invitation to be a junior investor in the state of Saudi Arabia — with all the dangers and upside that entails.

Do responsible investing, ESG and sustainable finance mean anything? If so, they must mean investors cannot buy Saudi Aramco’s IPO. When the world is desperately trying to cut carbon emissions, ploughing billions into a newly listed oil company is the definition of a backward step.

The IPO of Saudi Aramco has finally arrived, ending years of speculation over whether the world’s most profitable company would be listed. For investors, and equity capital markets as a whole, it ends feverish speculation over the company’s gargantuan valuation and allows funds to start crunching real numbers on potential dividends.

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has closed a $10bn bridge loan, with tighter margins than its debut entry into the loan market in September 2018. The deal is one of this year's highlights from the region, where syndicated loan volumes have declined from last year.

Saudi state TV has set a date for the elusive Saudi Aramco IPO, talked up for more than three years — and it’s next week. The deal’s already threadbare rationale might dissolve at the first hint of scrutiny, but it’s too embarrassing to ditch it now.