DUBAI, Sept 26 Saudi Aramco and French oil group Total have set initial price guidance for their expected 3.75 billion Saudi riyal ($1 billion) Islamic bond at 6-month Saudi interbank offered rate (SAIBOR) plus 95-105 basis points.
The price was published on lead manager Deutsche Securities Saudi Arabia's website. Bankers have said they expect final pricing on Sept. 28.
The Islamic bond, or sukuk, is open only to Saudi investors and will be issued by Saudi Aramco Total Refining and Petrochemical Co (SATORP) to help finance the Jubail refinery project. The company got regulatory approval for the issue in August.
Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital were appointed joint lead managers and joint bookrunners for the sukuk. (Reporting by Shaheen Pasha; Editing by Dan Lalor)