April 12, 2017 / 3:05 PM / 9 months ago

Saudi Arabia launches US$9bn sukuk record-breaker

LONDON, April 12 (IFR) - Saudi Arabia is set to raise US$9bn, according to a lead, in the largest-ever sukuk offering.

The sovereign has launched five and 10-year tranches, each US$4.5bn in size. The lead managers set the final spread at 100bp over mid-swaps for the shorter-dated note and plus 140bp for the longer-dated sukuk.

The five-year was initially marketed at plus 115bp area, and guidance was set at plus 105bp area.

Initial price thoughts for the 10-year were at plus 155bp area, and guidance was set at plus 145bp area.

The final order books were in excess of US$33bn, evenly split.

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 Robert Hogg; editing by Sudip Roy)

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