Saudi Arabia said to cut sukuk pricing; order books top $25 bln

12/04/2017 Argaam

The order books for Saudi Arabia’s debut dollar-denominated sukuk offering has reached over $25 billion, Reuters reported Wednesday citing sources familiar with the matter.

 

Meanwhile, the news agency also reported citing the lead managers that the pricing on both tranches of the sukuk has been trimmed by 10 basis points (bps). The deal is expected to be priced later on Wednesday.

 

On Tuesday, the initial price guidance put the senior unsecured Islamic bonds in the 115 bps over mid-swaps area for the five-year tranche and 155 bps over mid-swaps area for the 10-year tranche.

 

The kingdom on Tuesday began marketing the dual-tranche sukuk, said to be the largest ever Islamic bond, to investors.

 

Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. are joint global coordinators for the sukuk, while BNP Paribas SA, Deutsche Bank AG, and NCB Capital are helping to manage the sale.

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