The Banking Executive Magazine - July 2024 Issue

SAUDI ARABIA EUROBONDS Saudi Arabia sold $10 billion of dol- lar Eurobonds in three parts in Janu- ary 2023. The deal was priced with the notes to yield 110 and 140 basis points over Treasuries. The kingdom attracted over $35 bil- lion of investor orders for the notes maturing in five, 10.5 and 30 years as it seeks to take advantage of cool- ing inflation. Saudi Arabia run a sur- plus of 16 billion riyals ($4.3 billion) in 2023. QATAR EUROBONDS Qatar is selling its first dollar Eu- robonds in four years and its debut green deal, as one of the world's largest liquefied natural gas exporters seeks to tap into a booming global market for sustainable debt. The gov- ernment is selling green bonds with maturities of five and 10 years. Initial spread guidance is 70 basis points over United States US Treasuries for the short tranche and 80 basis points for the longer one. UNITED ARAB EMIRATES EUROBONDS In April 2024, Abu Dhabi is selling its first Eurobonds since 2021. The oil-rich emirate, rated AA by all three major ratings companies, is issuing the Eurobond dollar deal with tranches of five, 10 and 30 years. The five year portion has initial spread guidance of around 70 basis points of US Treasuries, while the 10-year debt has guidance of 85 basis points and the longest tranche 125 basis points. Abu Dhabi Commercial Bank PJSC, Citigroup Inc., First Abu Dhabi Bank PJSC, HSBC Holdings Plc, JP- Morgan Chase & Co., Morgan Stan- ley and Standard Chartered Plc are managing the bond sale. LEBANON EUROBONDS AND THE FINANCIAL CRISIS Lebanon has long relied on issuing dollar-denominated Eurobonds, whenever the state needed financing. These bonds reached a peak in March 2020 when the government announced a default on payment, to- taling $31 billion, including $11 bil- lion owed to foreign bondholders. This figure increased as domestic the BANKING EXECUTIVE 12 ISSUE 187 JULY 2024