LONDON: 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 $25bn. The deal will be priced later.
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.— Reuters
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