Saudi Arabia Opens Books for 5-Year, 10-Year Debut Islamic Bonds

11/04/2017 14:33 AST

Saudi Arabia opened books for its first dollar-denominated Islamic bond, people familiar with the matter said, as the country seeks to plug a budget deficit caused by a collapse in oil prices.

The government plans to sell the five-year sukuk in the 115 basis points area over mid-swaps and a 10-year tranche at a spread of about 155 basis points, the people said, asking not to be identified because the information is private. Books are expected to close on Wednesday.

Saudi Arabia has been hit by a drop in oil prices, prompting the kingdom to cut spending, raise debt and prepare what may be the world’s largest initial public offering of state-owned oil company Saudi Aramco. The country plans to raise between $10 billion and $15 billion from international bond markets this year and sell about 70 billion riyals ($19 billion) locally, said Mohammad Al Tuwaijri, secretary-general of the Finance Committee at the Royal Court in December.

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


Bloomberg

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