(MENAFN- The Peninsula)
LONDON, April 12 (IFR) - Saudi Arabia is expected to raise atotal of about US$8bn in its debut US dollar sukuk offering,according to a lead.
The sovereign is selling five and 10-year tranches, whichare expected to be about US$4bn each. The lead managers have setthe spread at 100bp over mid-swaps for the shorter-dated noteand plus 140bp for the longer-dated sukuk.
The five-year was initially marketed at plus 115bp area, andguidance was set at plus 105bp area.
Initial price thoughts for the 10-year were at plus 155bparea, and guidance was set at plus 145bp area.
The final order books are in excess of US$33bn, evenlysplit.
The deal will be priced later today.
Citi, HSBC (B & D) and JP Morgan are global coordinators. Theyare joined as leads by BNP Paribas, Deutsche Bank and NCBCapital.
The 144A/Reg S deal will be rated A1 by Moody's and A+ byFitch.
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