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Tue 9 Nov 2010 01:11 PM

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Saudi lender SABB eyes 5-year benchmark bond

SABB, an affiliate of British lender HSBC hires the latter as sole bookrunner on the deal

Saudi lender SABB eyes 5-year benchmark bond
SAUDI SABB: SABB is an affiliate of British lender HSBC

Price guidance for a five-year benchmark sized bond from Saudi British Bank (SABB) is set at 175 basis points over midswaps, two sources said on Tuesday.

SABB, an affiliate of British lender HSBC, has hired the latter as sole bookrunner on the deal which is expected to price on Tuesday, the sources said. SABB has a five-year 325 million euro ($454m) bond maturing in April. HSBC was the sole bookrunner on that offering.