Saudi Arabia
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The CEO of HKEX may be keen for Saudi Aramco to list in Hong Kong but as our columnist Clawback explains, there are more reasons for the Saudi oil giant to bypass the city’s exchange than to pick it for a listing. -
Hong Kong’s stock exchange and Saudi Arabian energy company Saudi Aramco are potentially a match made in heaven, according to the bourse's chief executive officer Charles Li.
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Saudi Aramco is set to appoint up to five banks to advise it on its potential initial public offering after a six month pitching process reached its climax this week. Contrary to earlier reports, Moelis & Co will not be the sole adviser, but will be joined by another independent, two bulge bracket banks and a local firm, writes David Rothnie.
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Saudi Basic Industries Corp (Sabic) has reopened discussions with banks for a loan of as much as $2bn, having put funding plans on hold last year.
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Gulf International Bank launched a $500m five year inside fair value on Wednesday, suggesting that demand for Middle East credits continues unabated after a busy 2016.
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Gulf International Bank kicked off investor meetings this week for what could be the first publicly syndicated bond from the Middle East this year.
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Equity capital markets in Emea reopened after the holidays this week, with details of the first new capital increases in France and the UK being made public.
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The IPO of Saudi Aramco is likely to remain a top talking point for equity capital markets bankers for much of 2017, but another Saudi deal that is likely to prove more straightforward to bring to market has taken another step forward.
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Middle Eastern issuance is set to begin for the year with Gulf International Bank, which is looking to refinance a $500m bond due in December. The issuer is expected to be the first of many hoping to lock in funding before the next US rate hike pushes up borrowing costs.
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Likely faced with an assault course of volatility inducing events this year, emerging market issuers will be keen to raise cash early before Brexit/Trump/rate rises/European elections (delete as appropriate) come to blight the market.
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The next chapter of the renminbi internationalisation process could soon be taking place in the commodities market with Amundi Asset Management predicting the rise of petro-renminbi in 2017.
