Saudi Arabia set to meet investors ahead of debut bond

Citigroup, HSBC and JP Morgan have been selected as global coordinators for sovereign bond
Saudi Arabia set to meet investors ahead of debut bond
By Reuters
Mon 10 Oct 2016 08:32 PM

Saudi Arabia will meet fixed income investors starting October 12 as it prepares to sell its long-anticipated debut international sovereign bond, arranging banks said on Monday.

The transaction, which will help the kingdom partly meet the shortfall in its state budget brought on by the slump in oil prices, is expected to be one of the largest ever debt sales by an emerging markets nation, with commentators forecasting a trade worth upwards of $10 billion.

The world's largest oil exporter will sell a dollar-denominated bond with tranches maturing after five, ten and 30 years following the roadshow programme, subject to market conditions.

Citigroup, HSBC and JP Morgan have been selected as global coordinators, and seven more banks have been made joint book-runners for the trade which is structured to be sold to investors including those in the United States, an announcement said.

Roadshows will be held in London on Wednesday and Thursday, before three days of meetings in the United States which will conclude on Oct. 18 in New York, according to a separate statement from arranging banks.

Among the Saudi officials who will participate in the investor meetings are Minister of State Mohammed al-Sheikh, the head of treasury at state oil giant Saudi Aramco and staff members of the Ministry of Finance and the Saudi central bank, the separate statement added.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.