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Strong investor appetite for PIF’s first debt sale in 2024: Saudi Arabia’s PublicInvestment Fund took a USD 5 bn senior unsecured bond issuance to market yesterday, Bloomberg reported.
The offering was 5x oversubscribed, with bankers taking orders worth USD 27 bn, an unnamed source told the business information service.
It’s just the latest addition of debt to PIF’s war chest: The fund closed in October a USD 3.5bn global sukuk issuance, two green bond offerings totaling USD 8.5 bn between 2022 and 2023, and lined up a USD 17 bn corporate facility in 2022.
This is following in the footsteps of Mexico, Indonesia, and Poland, among others, who haveraised significant debt of late as countries look to take advantage of favorable market conditions driven mainly by an ongoing drop in US yields since October.
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ADX |
9,680 |
-0.3% (YTD: +1.1%) |
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DFM |
4,081 |
0.0% (YTD: +0.5%) |
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Nasdaq Dubai UAE20 |
3,869 |
0.0% (YTD: 0.7%) |
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USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
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EIBOR |
5.2% o/n |
5.1% 1 yr |
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TASI |
12,110 |
+0.9% (YTD: +1.2%) |
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EGX30 |
28,050 |
+1.2% (YTD: +12.7%) |
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S&P 500 |
4,839 |
+1.2% (YTD: +1.5%) |
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FTSE 100 |
7,464 |
0.0% (YTD: -3.5%) |
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Euro Stoxx 50 |
4,467 |
+0.4% (YTD: -0.9%) |
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Brent crude |
USD 79.89 |
+1.7% |
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Natural gas (Nymex) |
USD 2.42 |
-4.0% |
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Gold |
USD 2,042.00 |
-0.3% |
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BTC |
USD 39,824.64 |
-4.6% (YTD: -5.2%) |
THE CLOSING BELL-
The DFM fell 0.01% yesterday on turnover of AED 355.4 mn. The index is up 0.5% YTD.
In the green: National International Holding (+14.4%), Dubai Taxi Company (+4.0%) and Mashreqbank (+3.0%).
In the red: Islamic Arab Ins. Company (-4.7%), Emaar (-1.8%) and Takaful Emarat (-1.8%).
Over on the ADX, the index fell -0.3% on turnover of AED 1.01 bn, while the Nasdaq closed down 0.03%.
Asian markets are flirting with the green in early trading this morning. Futures suggest shares on Wall Street and in Europe will follow suit later today.
