EM CEEMEA CREDIT: Al Rajhi Bank (RJHIAB): FV $ PNC6 Tier1 Sukuk
Jan-07 08:03
(RJHIAB; Aa3/A/A-)
IPT 6.625% area FV 6.25%
- Saudi Arabia’s Al Rajhi Bank (Aa3/A/A-) is in the primary market with a $ benchmark PNC6 Tier 1 in Sukuk format. We sketch our FV considerations at 6.25% yield.
- For comparables, we look at the issuer’s seasoned Tier 1 deals in Sukuk format, focussing on RJHIAB 6.25 PERP (call Jul30) charting at 5.90% area yield (z+246bp). For reference, older vintage RJHIAB 6.375 PERP (call May29) chart at 5.65% (z+229bp).
- For context, 3Q25 earnings provided a solid read for credit sentiment, beat vs estimates, showing solid growth (total assets in excess of SAR1tn, PBT +24.9% y/y over SAR7bn, declining impairments -17% y/y).
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GILTS: Opening Calls
Dec-08 07:57
Gilt Opening Calls, 91.11/91.23.
EQUITIES: EU Cash Opening Calls
Dec-08 07:56
Estox 50: -0.01%, Dax: +0.07%, CAC: -0.11%, FTSE +0.04%, SMI +0.22%.
EQUITY TECHS: E-MINI S&P: (Z5) Bullish Cycle Intact
Dec-08 07:54
- RES 4: 7000.00 Psychological round number
- RES 3: 6953.75 High Oct 30 and bull trigger
- RES 2: 6918.50 High Oct 31
- RES 1: 6905.00 High Dec 5
- PRICE: 6893.23 @ 07:44 GMT Dec 8
- SUP 1: 6797.09 20-day EMA
- SUP 2: 6749.07 50-day EMA
- SUP 3: 6674.50 Low Nov 25
- SUP 4: 6525.00 Low Nov 21 and a key support
A bullish theme in S&P E-Minis is intact. Price remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support is at 6797.09, the 20-day EMA.
