LONDON, April 12 (IFR) - Saudi Arabia is set to raise
US$9bn, according to a lead, in the largest-ever sukuk offering.
The sovereign has launched five and 10-year tranches, each
US$4.5bn in size. The lead managers set the final spread at
100bp over mid-swaps for the shorter-dated note and plus 140bp
for the longer-dated sukuk.
The five-year was initially marketed at plus 115bp area, and
guidance was set at plus 105bp area.
Initial price thoughts for the 10-year were at plus 155bp
area, and guidance was set at plus 145bp area.
The final order books were in excess of US$33bn, evenly
The deal will be priced later today.
Citi, HSBC (B&D) and JP Morgan are global coordinators. They
are joined as leads by BNP Paribas, Deutsche Bank and NCB
The 144A/Reg S deal will be rated A1 by Moody's and A+ by
(Reporting by Robert Hogg; editing by Sudip Roy)