October 19, 2016 / 10:46 AM / a year ago

Saudi Arabia expected to raise up to US$17.5bn

LONDON, Oct 19 (IFR) - Saudi Arabia is expected to raise up to US$17.5bn through its offering of five, 10 and 30-year bonds, according to a source.

The Kingdom has generated demand of about US$67bn across all three tranches.

The sovereign has revised pricing on the five-year notes to 140bp over Treasuries (plus or minus 5bp). That compares with initial levels of plus 160bp area.

On the 10-year, guidance is at plus 170bp (plus or minus 5bp) compared with a starting point of plus 185bp area.

On the 30-year, Saudi Arabia has set guidance at plus 215bp area (plus or minus 5bp). Initial price thoughts were plus 235bp area.

All three tranches will price within their final ranges.

The notes are expected to be rated A1 by Moody’s and AA- by Fitch.

Pricing will be later today. Citi, HSBC and JP Morgan are the global coordinators.

Reporting by Sudip Roy, editing by Julian Baker

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