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Friday, April 28, 2017
Saudi Arabia has cut pricing by 10bp on both tranches of its debut US dollar Sukuk offering, according to leads. The sovereign has announced guidance of 105bp area over mid-swaps for the five-year note and 145bp area for the 10-year. That compares with initial marketing levels of plus 115bp area and plus 155bp area. The combined order books are over US$25 billion. The deal will be priced later.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.
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