SABIC tightens guidance ahead of $1bn bond sale Thursday
September 26, 2013 - 10:53:40 am
DUBAI: Saudi Basic Industries Corp, the world's largest petrochemicals maker by market value, is aiming to print a $1 billion five-year bond on Thursday, lead managers said.
In a rare dollar-denominated debt offering from the kingdom.
Price guidance on the transaction has been revised to 135 basis points over equivalent U.S. Treasuries, plus or minus 5 basis points, a document from lead managers said, adding the size of the deal will not increase.
This is tighter than the initial price thought in the area of 150 basis points issued on Wednesday.
Citigroup Inc, HSBC Holdings, Mizuho and Royal Bank of Scotland are the lead managers on the deal, which will be sold through the firm's SABIC Capital unit. (Reuters)