Saudi Arabia begins roadshow for triple-tranche bond

27/09/2017 Argaam

Saudi Arabia has opened books for its dollar-denominated bond, which will be issued in three tranches, Reuters reported on Tuesday.

 

The Kingdom has set initial price guidance for its issue at 130 basis point (bps) over Treasuries for a March 2023 note, plus 165 bps for a March 2028 bond, and plus 200 bps for an October 2047 tranche.

 

No further information were provided on the expected size of the latest bond sale, which will price on Wednesday, with the only information confirmed being that all three tranches will be of benchmark size. 

 

Banking sources expect an issue of up to $10 billion.

 

GIB Capital, Goldman Sachs, HSBC and JP Morgan are active leads on the 144A/Reg S deal. MUFG is a passive bookrunner.

 

In April, the Kingdom sold $9 billion worth of sukuk, after it had tapped international debt markets for the first time by selling $17.5 billion conventional bonds in October 2016, Argaam earlier reported.

 

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