Sabic gives initial price guidance for dual-tranche dollar bonds
Markets 5-year bonds at 140bps over US Treasuries and 10-year bonds at 180bps over that benchmark
Dubai: Saudi Arabian Basic Industries Corp (Sabic) started marketing five-year US dollar bonds with initial price guidance of around 140 basis points (bps) over US Treasuries and 10-year bonds with a guidance of around 180 bps over that benchmark, a source close to the matter said on Tuesday.
The size of the bond transaction will depend on market appetite, but sources told Reuters earlier this year that the bonds could replace a $3 billion (Dh11 billion) bridge loan facility which the firm had raised at the beginning of the year.
Sabic said earlier on Tuesday that the bonds would be issued on October 3 and listed on the Irish stock exchange.
BNP Paribas, Citi, HSBC, MUFG and Standard Chartered have been mandated to arrange the deal.