By Rebecca Melvin
New York, July 3 – Kingdom of Saudi Arabia priced €3 billion of senior notes (expected ratings: A1//A+) in two tranches on Tuesday, according to a market source.
The €1 billion of eight-year notes priced with a ¾% coupon at 99.753 to yield 0.782%, or a yield spread of mid-swaps plus 80 basis points.
The €2 billion of 20-year notes priced with a 2% coupon at 99.316 to yield 2.042%, or a yield spread of mid-swaps plus 140 bps.
Pricing was tightened from initial talk for a yield of in the area of mid-swaps plus 115 bps for the 2027 notes and for a yield in the area of mid-swaps plus 170 bps for the 2039 notes.
Goldman Sachs International and Societe Generale acted as global coordinators and active bookrunners for the Rule 144A and Regulation S notes, with BNP Paribas, Morgan Stanley and Samba Capital as joint lead managers and passive bookrunners.
| Issuer: | Kingdom of Saudi Arabia
|
| Amount: | €3 billion
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs International and Societe Generale (active); BNP Paribas, Morgan Stanley and Samba Capital (passive)
|
| Trade date: | July 2
|
| Settlement date: | July 9
|
| Expected ratings: | Moody's: A1
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Eight-year notes
|
| Amount: | €1 billion
|
| Maturity: | July 9, 2027
|
| Coupon: | ¾%
|
| Price: | 99.753
|
| Yield: | 0.782%
|
| Spread: | Mid-swaps plus 80 bps
|
| Price talk: | 115 bps area
|
|
|
| 20-year notes
|
| Amount: | €2 billion
|
| Maturity: | July 9, 2039
|
| Coupon: | 2%
|
| Price: | 99.316
|
| Yield: | 2.042%
|
| Spread: | Mid-swaps plus 140 bps
|
| Price talk: | 170 bps area
|
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