Saudi Arabia launches $7.5 billion two-part notes offering

By Paul A. Harris

Portland, Ore., Jan. 9 – Kingdom of Saudi Arabia (A1/A+) launched $7.5 billion of notes in two tranches on Thursday in its first deal to come to market in the wake of the brutal murder of journalist Jamal Khashoggi, according to a market source.

The deal features $4 billion of long 10-year bonds set to mature on April 16, 2029, talked with a spread to Treasuries in the 185 basis points area, tight to guidance in the 200 bps area.

The kingdom is also selling $3.5 billion of 31-year bonds set to mature Jan. 16, 2050, talked with a 235 bps spread over Treasuries, tight to initial guidance in the 250 bps area.

BNP Paribas, Citigroup, HSBC, JPMorgan and NCB Capital Markets are leading the deal.

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