Veni, Vidi, Vici – KSA Enters The EM World In Style!

24 October 2016

The Latin scholars among you will know that “Veni, Vidi, Vici” translates into “I came, I saw, I conquered”, as Julius Caesar is famously quoted as having said to the Roman Senate. In a similar vain, Saudi Arabia’s blockbuster sovereign bond issue truly conquered the emerging markets fixed income space last week! As the largest EM sovereign bond issuance in history, KSA’s super jumbo deal was without doubt a landmark transaction.

Last Wednesday (19th Oct) the Kingdom printed $17.5bn in a 3-tranche deal, overtaking Argentina’s record $16.5bn issue from April this year to become the biggest single bond sale in the emerging markets space. The Saudi deal is also the largest offering from the Middle East beating Qatar’s previous record of $9bn from earlier this year. The KSA deal managed to generate a record order book of circa $67bn making the deal some 4 times oversubscribed, which in itself says a lot about investor interest in the transaction.

In this note we take a look in the rear view mirror and examine how the new Saudi paper stacks up against its GCC peers, and importantly how it has been trading in the secondary markets since it was free to trade on Thursday of last week. The charts below also provide some comparison of how GCC sovereign bonds are placed relative to their sovereign peers in the EM space.






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Veni, Vidi, Vici – KSA Enters The EM World In Style!

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