Saudi Arabia
-
The trade is the first sustainable AT1 from a Gulf bank -
After a deluge of state backed IPOs, next on bankers’ wishlist for the region is a liquid blocks market and more privately owned company IPOs
-
Only Saudi banks provide facility, as Western banks say the lack of ancillary opportunities makes the business case difficult
-
A liquid market for follow-on share sales is the next step for the region’s equity capital markets
-
Abu Dhabi book $15bn at first update, Apicorp mandates
-
Local demand is high enough that issuers can push down pricing, but that puts off overseas buyers
-
Main comparables will be recent deals from Al Rajhi's Gulf peers, not its debut note
-
Saudi bank drew a book over four times the size of its sukuk debut
-
Saudi Arabia’s wealth fund only paid around 5bp over the sovereign’s curve
-
Demand topped $4bn by midday UK time on Wednesday
-
The IPO will be priced at Sr48 a share, the top of the initial range
-
The sovereign wealth fund has already raised $5bn via conventional bonds this year
