April 10, 2018 / 10:31 PM / 3 months ago

PRICED-Saudi Arabia US$11bn 3-part deal

NEW YORK, April 10 (IFR) - PRICED: US$11bn 3-part deal. Settlement date 4/17/18.

- US$4.5bn. Cpn 4%. Due 4/17/25. Ip US$99.073. Yld 4.154%. T+140bp.

- US$3bn. Cpn 4.50%. Due 4/17/30. Ip US$99.432. Yld 4.562%. T+175bp.

- US$3.5bn. Cpn 5%. Due 4/17/49. Ip US$97.826. Yld 5.141%. T+210bp.

Saudi Arabia has set final guidance on its triple-tranche bond offering, according to a lead.

The sovereign (A1/A+) has revised pricing on an April 2025 bond to Treasuries plus 145bp (+/-5bp). The notes were initially marketed at plus 170bp area.

Saudi Arabia is marketing April 2030 notes at Treasuries plus 180bp (+/-5bp). The bonds were first marketed at plus 200bp area.

A tranche due April 2049 is now being marketed at Treasuries plus 215bp (+/-5bp), after being initially offered at plus 235bp area.

The combined order books are over US$50bn, including lead interest. Demand is skewed to the seven-year.

The trade is today’s business via global coordinators Citigroup, GIB Capital, Goldman Sachs, HSBC and Morgan Stanley. (Reporting by Robert Hogg; editing by Ian Edmondson)

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