April 12, 2017 / 8:05 AM / 8 months ago

Saudi Arabia revises sukuk pricing

LONDON, April 12 (IFR) - Saudi Arabia has cut pricing by 10bp on both tranches of its debut US dollar sukuk offering, according to leads.

The sovereign has announced guidance of 105bp area over mid-swaps for the five-year note and 145bp area for the 10-year.

That compares with initial marketing levels of plus 115bp area and plus 155bp area.

The combined order books are over US$25bn.

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 Capital.

The 144A/Reg S deal will be rated A1 by Moody’s and A+ by Fitch.

Reporting by Sudip Roy, editing by Julian Baker

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