SABIC tightens price guidance for $1bln bonds: report

Saudi Basic Industries Corp. (SABIC) tightened its price guidance for a dual-tranche $1 billion bond offering as it received over $7.25 billion in orders, Reuters reported on Thursday.

The petrochemicals major revised the price guidance to 160-170 basis points (bps) over midswaps for the 10-year tranche and between 3% and 3.125% for the 30-year Formosa tranche, a document from one of the banks arranging the deal showed.

Earlier in the day, SABIC began marketing the bonds at around 190 bps over midswaps for the 10-year tranche and around 3.375% for the 30-year Formosa notes.

SABIC will sell $500 million in each tranche with the deal expected to close today, the report said.