Morning Commentary: New Saudi tranches edge up from issue price; Sharjah prices $500 million sukuk

By Rebecca Melvin

New York, April 11 – The $11 billion of paper priced by the Kingdom of Saudi Arabia late Tuesday edged up in secondary market trading on Wednesday, and Sharjah Islamic Bank PJSC priced a $500 million sukuk at par for a profit rate of 4.231%.

But a couple of other deals from issuers in the Middle East wrapping up roadshows on Wednesday were not yet heard in the market, according to market sources.

Saudi Arabia’s $4.5 billion of new 4% notes due April 2025 were last seen at 99.75 bid, 99.85 offered, which was up about 3.4 points from the reoffered price of 99.073. The $3 billion of 4.5% 2030 notes were seen at 99.65 bid, 99.80 offered compared to its reoffered 99.432, and the $3.5 billion of 5% notes due 2049 were seen at 99.25 bid, 99.45 offered, compared to its reoffered price of 97.829.

Sharjah Islamic Bank priced $500 million of five-year sukuk notes under Regulation S on Wednesday. The deal priced at par for a spread of mid-swaps of 150 bps.

Damac Real Estate Development Ltd. and Oman Telecommunications Co. SAOG were also on the calendar and were scheduled to conclude roadshow meetings on Wednesday, leaving market players expectant for deal terms to emerge.

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