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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

HSBC Saudi Arabia lead manager in ACWA power’s maiden Sukuk issuance

    • Final pricing lowest ever senior unsecured Sukuk pricing achieved by a corporate or bank issuer since 2017

    • HSBC Saudi Arabia also acted as  bookrunner, Sukuk holders’ agent and payment administrator

     

    HSBC Saudi Arabia acted as the arranger and dealer on the establishment of ACWA Power’s SAR 5 Billion ($1.33b) Sukuk Program as well as a lead manager, bookrunner, Sukuk holders’ agent and payment administrator on the senior unsecured Sukuk issuance of SAR 2.8 Billion, which settled on 14 June 2021.

    This was ACWA Power’s first Sukuk issuance in the Saudi debt capital market and the local investors submitted bids above SAR 5 Billion, which lead to the issue being 1.8 times oversubscribed.

    HSBC Saudi Arabia was able to capitalize on the exceptionally strong investor demand by advising ACWA Power to print a relatively longer tenor Sukuk of 7 years at a final pricing of SIBOR + 1.00% pa.

    The final pricing not only represented the tightest end of the initial pricing range offered to investors but also the lowest ever senior unsecured Sukuk pricing achieved by a corporate or bank issuer in the local market since 2017.

    In a statement, the company said the issuance marked the company’s maiden entry into Saudi debt capital markets and saw significant interest from fund managers, government funds and insurance companies accounting for approximately 30 percent of the issuance and resulting in an oversubscription of 1.8 times over the issue size.

    Initial price guidance had been pegged at 100-125 basis points per annum (bps pa) + 6-month SAIBOR. The oversubscription enabled ACWA Power to tighten pricing by 25 bps pa.

    The transaction is ACWA Power’s first since the Saudi sovereign wealth fund, Public Investment Fund (PIF), became a 50 percent shareholder last year, as part of PIF’s strategy to enable the growth of national champions to become regional and global leaders, the statement said.