Saudi Arabia
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New deals from the Middle East are beginning to flow. Saudi Arabia's International Company for Water and Power Projects (ACWA Power) opened books on a conventional amortising note on Tuesday, as Saudi Electricity Co (Seco) and Oman Electricity Transmission line up sukuk trades. -
Saudi Arabian water company ACWA has resurrected its debut deal, thanks to improved market conditions after the trade, which was first announced in November, was delayed. The return of the deal sees Citi bumped up to join Jefferies on the top line.
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Saudi Arabia’s $9bn sukuk was, for the second time, a staggering market debut from the sovereign. But size came at a price and the issuer paid up over its conventional curve, writes Virginia Furness.
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Orders for Saudi Arabia’s debut sukuk were over $25bn on Wednesday morning allowing the borrower to tighten pricing ever closer to its conventional curve.
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Orders for Saudi Arabia’s debut sukuk were over $17.5bn at the first official update on Tuesday afternoon.
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Issuers from the Gulf have taken over emerging markets bonds with Saudi Arabia on track to print its debut sukuk on Tuesday. Multiple tranche deals are the flavour of the week with Romania, Mubadala and KazmunayGas all offering multi-faceted deals.
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Saudi Arabia was offering up a 20bp-25bp NIP over its conventional bonds at price talk for its debut sukuk on Tuesday, as banker’s debated where the deal will land relative to it’s conventional bond debut.
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Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming, according to those keen to see the development of the Islamic finance market.
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Saudi high yield issuer Dar Al-Arkan nipped in ahead of its sovereign to raise a $500m sukuk, strong scarcity value drove demand and enabled the issuer to increase the size of the trade from the planned $300m.
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Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming according to those keen to see the development of the Islamic finance market.
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Saudi real estate company Dar Al-Arkan and Dubai property developer Damac look set to add much needed supply to the sukuk market and are lining up trades in the belly of the curve.
