Saudi Arabia starts marketing debut euro debt sale

03/07/2019 Reuters

 

Saudi Arabia started marketing its debut euro-denominated bonds on Tuesday with initial price guidance of around 115 basis points over mid-swaps for an eight-year tranche, and around 170 bps over the same benchmark for a 20-year tranche, a document issued by one of the banks leading the deal showed.

 

Saudi Arabia will use the proceeds from the debt sale - the first by a Gulf government denominated in euros - for domestic budgetary purposes, according to the document.

 

Goldman Sachs and Societe Generale are coordinating the transaction, which is expected to be concluded on Tuesday.

 

On Monday, the Ministry of Finance said Saudi Arabia has issued its debut euro-denominated bonds in two tranches, Argaam reported.

 

The bond issuance comes in tranches of eight and 20 years based on market conditions.

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