Saudi Arabia

Emerging markets were treated to their first week of supply from the Gulf region in four months, and despite the sudden glut of supply, performances were strong and the market is ready for more.

The Saudi Electricity Company (SEC) has joined the groaning pipeline of issuers looking to print dollar sukuk paper, picking banks for what will be the borrower’s first trip to the bond market in four years.

Saudi Arabia has come to market for a long 10 year dollar sukuk bond, targeting $2bn, returning for a trade after five month’s absence from the bond market.

Investors’ eyes are on the Middle East this week as a slew of borrowers bring Sukuk trades to market, but while hopes are high for successful deals, a Turkish central bank rate decision looms large in investors’ minds.

Islamic Development Bank is preparing a return to the sukuk market, picking banks for a roadshow for a dollar benchmark.

Emerging market bonds are still under pressure from macro factors, but investors have plenty of capital markets business to keep an eye on as the pipeline, particularly in the Middle East, swells with deals.

The postponement of the Saudi Aramco's IPO is just the latest blow to emerging market (EM) equities. Volatility is biting ever harder, taking lumps out of an ever dwindling autumn pipeline. Sam Kerr reports.

The Saudi Capital Markets Authority has approved a resolution allowing NCB Capital to raise funds for a new Saudi ETF, linked to the MSCI index, via an IPO.

Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan.

The Islamic Development Bank has been meeting investors and banks in Europe to explore the possibility of launching its first public sukuk issue in euros. A labelled green sukuk might follow.

The decision by MSCI to reclassify Saudi Arabia as an emerging market and the country's inclusion in its emerging market indices is a game changing moment for the kingdom in its attempts up to foreign investors. With the IPO of Saudi Aramco looming, investors are excited by the prospects these changes promise, writes Sam Kerr.

The FCA’s decision to modify rules in order to allow sovereign owned companies — such as Saudi Aramco — to achieve a premium listing should be seen as just another chapter in the UK’s cosiness with the House of Saud.