Almarai prices $500 million five-year sukuk at mid-swaps plus 180 bps; QIIB guides

By Rebecca Melvin

New York, Feb. 26 – A pair of credits from the Middle East were talking deals in the emerging markets debt market on Tuesday, with pricing expected later in the session.

Saudi Arabia’s Almarai Co. priced $500 million of 4.311% five-year sukuk at par for a yield spread of mid-swaps plus 180 basis points, which was nearly 50 bps tighter than initial talk amid high investor orders. And Qatar International Islamic Bank guided its $500 million five-year Islamic bonds, or sukuk, to a similar yield spread of yield mid-swaps plus 175 bps to 185 bps.

Qatar’s deal was initially talked at mid-swaps plus 200 bps, which represented only 20 bps of tightening, and its order book was more modest.

The order book for the Almarai five-year sukuk was about $5.3 billion and Qatar order book was in excess of $2.9 billion.

The Qatar International Regulation S notes were being sold via Al Khalij Commercial Bank, Barclays, Barwa Bank, Boubyan Bank, Maybank IB, QNB Capital and Standard Chartered Bank as joint bookrunners.

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