September 16, 2014 / 5:28 AM / 6 years ago

Goldman Sachs sets IPT in 95 bps area over M/S for USD sukuk

DUBAI, Sept 16 (Reuters) - Goldman Sachs has set initial price thoughts in the 95 basis points area over midswaps for its debut five-year, benchmark-sized U.S. dollar Islamic bond issue, a document from lead managers showed on Tuesday.

The investment bank finished two days of investor meetings in the Middle East on Sept. 11.

Goldman picked itself, Abu Dhabi Islamic Bank, Emirates NBD, National Bank of Abu Dhabi, QInvest and the investment banking arm of Saudi Arabia’s National Commercial Bank IPO-NACO.SE to arrange the investor meetings.

The sukuk is being issued through a vehicle called JANY Sukuk Co and will be guaranteed by Goldman Sachs.

The issue is expected to be rated A-minus by Standard & Poor’s and A by Fitch Ratings, identical to the ratings of the investment bank, the document added. It will be listed on the Luxembourg Stock Exchange.

Reporting by Archana Narayanan; Editing by Andrew Torchia

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