SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Saudi Arabia based mall operator Arabian Centres is planning a $500mn sukuk (Term of the day, explained below) issuance, as per Reuters sources. HSBC and Goldman Sachs are said to have been hired to arrange the deal with proceeds earmarked for refinancing outstanding debt and for expansion plans. Arabian Centres sold its first and only dollar debt in 2019, a $500mn 5.375% sukuk due 2024, rated Ba3/BB+ vs. an issuer rating of Ba2/BB+, which is currently trading at 102.25, yielding 4.7% on the secondary market. Arabian Centres that operates 21 shopping mall is Saudi reported a 34% fall in net profits for the nine-month period ended December 31 to SAR 359.75mn ($96mn). If launched, Arabian Centres’ issue will be only the second deal from a Saudi corporate after NCB’s 3.5% Perp priced in January that is currently trading at 99.29 yielding 3.65%.

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