Saudi Basic Industries sets spreads for five- and 10-year notes

By Rebecca Melvin

New York, Oct. 2 – Saudi Arabia's Saudi Basic Industries Corp. (Sabic) set yield spreads for its dual-tranche offering of five- and 10-year notes (expected rating: A1) to yield Treasuries plus 115 basis points and Treasuries plus 155 bps, respectively, according to a syndicate source on Tuesday.

Pricing was tightened from guidance of Treasuries plus 125 bps and initial talk in the area of Treasuries plus 140 bps for the five-year notes and from guidance of Treasuries plus 165 bps and initial price talk of Treasuries plus 180 bps for the 10-year notes.

Combined order books at the time of the first guidance update was 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.