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Saudi Basic Industries guides pricing for five- and 10-year notes
By Rebecca Melvin
New York, Oct. 2 – Saudi Arabia's Saudi Basic Industries Corp. (Sabic) guided pricing on a dual-tranche offering of five- and 10-year notes (expected rating: A1) to yield Treasuries plus 125 basis points and Treasuries plus 165 bps, respectively, according to a syndicate source on Tuesday.
Pricing was tightened from initial talk in the area of Treasuries plus 140 bps for the five-year notes and Treasuries plus 180 bps for the 10-year notes.
Combined order books at the time of the guidance update were in the area of about $5.5 billion with a skew to the 10-year tranche.
BNP Paribas and Citigroup are global coordinators, with HSBC, MUFG and Standard Chartered Bank acting as joint lead managers of the Rule 144A and Regulation S deal.
Sabic is a Riyadh-based manufacturer of chemicals, fertilizers, plastics and metals.
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