Gulf issuers plan more debt sales, undeterred by recent market turmoil, sources say

Federico Maccioni - Reuters - 22/04
Gulf issuers, including Saudi Arabia's $925 billion sovereign wealth fund, are working on a round of bond offerings, according to sources, braving debt markets despite recent turmoil ignited by U.S. President Donald Trump's tariff policies.
  • PIF seeking to raise $1.5-$2 billion sukuk in coming weeks, say sources
  • Recent bond market turmoil means issuers face higher borrowing costs
  • Saudi faces pressure to raise debt or cut spending after crude price slump
DUBAI, April 21 (Reuters) - Gulf issuers, including Saudi Arabia's $925 billion sovereign wealth fund, are working on a round of bond offerings, according to sources, braving debt markets despite recent turmoil ignited by U.S. President Donald Trump's tariff policies.
Markets have been volatile since Trump announced sweeping tariffs on April 2, even after he rolled most of them back, as investors struggle to gauge where his policies are headed.

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Saudi Arabia's Public Investment Fund (PIF) is seeking to raise between $1.5 billion and $2 billion with a sukuk, or Islamic bond, in coming weeks, according to two sources with direct knowledge of the matter. The fund has already raised $11 billion this year.
Its push comes as the kingdom faces mounting pressure to raise debt or cut spending after a plunge in crude prices which threatens to erase tens of billions of dollars off its budget.
"In the Middle East, the main concern is oil prices, but both corporates and governments have very strong fundamentals, reserve increase, everything's doing well," Zeina Rizk, co-head of fixed income at Amwal Capital Partners, t...
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