Saudi Arabia
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Indications of interest for Saudi Aramco’s bond are understood to have hit over $15bn, with the roadshow not finishing until Monday April 8. -
Saudi Aramco’s jumbo M&A deal has a stranglehold on emerging markets debt investors’ attention and is dominating their schedules.
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Saudi Aramco has published a bond programme prospectus and received its first credit ratings as it goes on the road to promote its first international capital markets transaction, which is expected to come to market this week.
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State oil company Saudi Aramco is expected to tap the bond market in the next fortnight for a deal that could be anywhere in the region of $7bn-$15bn, according to bankers in the region away from the deal. Estimates of the premium Aramco will have to pay over the Kingdom of Saudi Arabia curve is being discussed as negative to plus 15bp, depending on the size of the deal.
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Aramco’s eagerly awaited $69.1bn deal to buy petrochemical firm Sabic landed this week, prompting speculation over the financing’s structure and timing. Loans bankers are expecting to cover a large portion of the deal and expect it will be well supported, writes Mariam Meskin.
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Almarai, the largest dairy company in the Middle East, sold its $500m five year sukuk on Tuesday having drawn a huge $5.3bn of demand for the deal — the first from a Saudi investment grade private corporate issuer.
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State-owned electricity company, Saudi Electricity Co (SEC) said on Wednesday that it will raise a Sr15.2bn ($4.05bn) loan from a consortium of domestic lenders.
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Bond volumes from the Middle East are likely to outstrip last year’s, thanks to some jumbo-sized new issues. But before the giants awake, a debut borrower is set to emerge next week.
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Saudi Aramco is rumoured to have mandated banks for a bond planned later this year, but bankers and investors believe there is still a long road before a deal emerges.
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Nasdaq Dubai has entered into a licensing agreement to offer derivatives based on the FTSE Russell Saudi Arabia equity indices.
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A fresh round of US sanctions on Venezuela’s government will add to the pressure on 46th president of Venezuela Nicolas Maduro to clear off, said bond investors.
