It has been a busy weekend for Saudi in debt markets, with Ma’aden debuting its international trust certificate issuance program, and Al Rajhi Bank participating in a USD 400 mn facility for the AFC, Meanwhile, the PIF is reportedly gunning for EUR 3 bn in loan guarantees from Italy’s Sace.

#1- Saudi Arabian Mining (Ma’aden) kicked off its USD-denominated trust certificates offering on Thursday under its international trust certificate issuance program, it said in a disclosure to Tadawul. The offering wrapped up on Friday.

The details: The issuance — executed through a special-purpose vehicle — included two tranches of five and 10 years that were offered to eligible local and international investors with a par value of USD 200k.

REMEMBER- Ma’aden announced its intention to offer the sukuk last week, with the proceeds earmarked for covering general business activities.

ADVISORS- Citigroup Global Markets, HSBC Bank, Al Rajhi Capital, BNP PARIBAS, GIB Capital, JP Morgan Securities, Natixis, Saudi Fransi Capital, SNB Capital, and Standard Chartered were tapped to be joint lead managers.

#2- Al Rajhi Bank joined a consortium of 11 Islamic financial institutions for a USD 400 mn commodity murabaha facility secured by Africa Finance Corporation (AFC), according to a statement. The facility was initially launched at USD 300 mn, but was upsized following a 47% oversubscription rate, the statement said.

Who else is in? The consortium also includes UAE’s Abu Dhabi Islamic Bank, Ajman Bank, Emirates Islamic Bank, Sharjah Islamic Bank, and Warba Bank.

About AFC: Established in 2007, AFC is an infrastructure investment institution with an investment portfolio of USD 15 bn across 36 countries. It focuses on financing infrastructure projects in power, transport, natural resources, telecommunications, and heavy industry.

ALSO ON OUR DEBT WATCH-

The Public Investment Fund (PIF) is in talks with Italy’s state export credit agency Sace for EUR 3 bn in loan guarantees, Bloomberg reports, citing sources it says are in the know. The guarantees will be used to back a group of international banks that finance the PIF.

REMEMBER- Italian Prime Minister Giorgia Meloni has recently visited the Kingdom where she and Crown Prince Mohammed bin Salman agreed on USD 10 bn worth of agreements, including a USD 3 bn multi-currency facility agreement from Sace to Neom backed by nine international banks.

Tags: