By Rebecca Melvin
New York, April 10 – The Kingdom of Saudi Arabia, acting through the Ministry of Finance, priced $11 billion of notes in three tranches due in 2025, 2030 and 2049 (expected ratings: A1//A+), according to a syndicate source on Wednesday.
The $4.5 billion of 4% notes due April 2025 priced at 99.073 to yield 4.154%, or U.S. Treasuries plus 140 basis points, which was tight compared to the initially talked 170 bps area over Treasuries.
The $3 billion of 4.5% notes due April 2030 priced at 99.432 to yield 4.61%, or Treasuries plus 175 bps, which was trimmed from initial talk of Treasuries plus 200 bps.
The $3.5 billion of 5% notes due April 2049 priced at 97.829 for a yield of 5.2%, or a spread of Treasuries plus 210 bps, which was tight compared to initial talk for a spread in the area of Treasuries plus 235 bps.
Citigroup, Goldman Sachs International, GIB Capital, HSBC, Morgan Stanley, Bank of China, ICBC, JPMorgan and MUFG were joint bookrunners of the Rule 144A and Regulation S notes.
Settlement is set for April 17, and a listing on the Irish Stock Exchange for trading on Euronext Dublin is planned.
| Issuer: | Saudi Arabia
|
| Description: | Senior notes
|
| Total amount: | $11 billion
|
| Bookrunners: | Citigroup, Goldman Sachs International, GIB Capital, HSBC, Morgan Stanley, Bank of China, ICBC, JPMorgan and MUFG
|
| Pricing date: | April 10
|
| Settlement date: | April 17
|
| Expected ratings: | Moody’s: A1
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2025 notes
|
| Amount: | $4.5 billion
|
| Maturity: | April 17, 2025
|
| Coupon: | 4%
|
| Price: | 99.073
|
| Yield: | 4.154%
|
| Spread: | 140 bps over Treasuries
|
| Price talk: | Initially talked at 170 bps over Treasuries area
|
|
|
| 2030 notes
|
| Amount: | $3 billion
|
| Maturity: | April 17, 2030
|
| Coupon: | 4.5%
|
| Price: | 99.432
|
| Yield: | 4.61%
|
| Spread: | 175 bps over Treasuries
|
| Price talk: | Initially talked at 200 bps area over Treasuries
|
|
|
| 2049 notes
|
| Amount: | $3.5 billion
|
| Maturity: | April 17, 2049
|
| Coupon: | 5%
|
| Price: | 99.829
|
| Yield: | 5.2%
|
| Spread: | 210 bps over Treasuries
|
| Price talk: | Initially talked at 235 bps over Treasuries
|
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