Banking & Finance Saudi’s Almarai draws $4bn in sukuk orders By Reuters July 19, 2023, 5:17 AM Creative Commons Saudi's Almarai rolled out multiple new products in 2023 with plans to enter the seafood and frozen bakery business Saudi Arabian food and beverage company Almarai is set to raise $750 million from a sale of 10-year Islamic bonds that drew over $4 billion in orders, fixed income news service IFR said on Tuesday. The sukuk launched at 145 basis points (bps) over US treasuries, IFR said, tightened from initial price guidance of around 180 bps over the same benchmark, a bank document showed earlier on Tuesday. HSBC and Standard Chartered are global coordinators, joined by Citi, Dubai Islamic Bank and JPMorgan as joint lead managers and bookrunners, an investor presentation seen by Reuters showed. Debt sales in the region restarted last week after about a month-long lull, with Dubai developer Sobha Realty opening the way with a $300 million sukuk offering. Two Abu Dhabi banks then followed, raising a total of $1.25 billion from the sale of conventional and Islamic bonds. Abu Dhabi renewable energy firm Masdar also tapped the markets on Tuesday to raise $750 million with green bonds and Saudi developer Dar Al Arkan was set to get $600 million from sukuk.