April 10, 2018 / 6:03 AM / 4 months ago

Saudi Arabia gives initial price guidance for multi-tranche dollar bond

DUBAI, April 10 (Reuters) - Saudi Arabia has given initial price guidance for a planned multi-tranche dollar bond, a document from one of the banks leading the potential deal showed. Citi, GIB Capital, Goldman Sachs International, HSBC, and Morgan Stanley have been appointed as global coordinators for the issue. Bank of China, Industrial and Commercial Bank of China, JPMorgan Chase & Co, Mitsubishi UFJ Financial Group are working as joint lead managers. The kingdom is planning to issue seven-year, 12-year and 31-year notes, all of benchmark size, which normally means upwards of $500 million, the document showed. Initial price guidance for the seven-year notes was in the 170 basis points area over US Treasuries, for the 12-year notes in the 200 bps area over UST and in the 235 bps are for the 31-year paper. The bonds are expected to price later on Tuesday. (Reporting By Davide Barbuscia; Editing by Tom Arnold)

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