SPX3,992.09-79.61 -1.96%
DIA339.66-5.09 -1.48%
IXIC11,210.28-251.22 -2.19%

Banque Saudi Fransi attracts over $1.5 bln in demand for dollar bonds

Reuters · 11/16/2022 03:25
Banque Saudi Fransi attracts over $1.5 bln in demand for dollar bonds

- Banque Saudi Fransi 1050.SE received more than $1.5 billion in orders for five-year dollar-denominated bonds expected to price on Wednesday, a bank document showed.

Initial price guidance was around 195 basis points over U.S. Treasuries for the bond issue, which was expected to be of benchmark size, which generally means at least $500 million.

The senior unsecured bonds are expected to be rated 'A2' by Moody's and 'BBB+' by Fitch, the document showed.

Citi C.N, JPMorgan JPM.N, HSBC HSBA.L, Merrill Lynch International BAC.N, Standard Chartered STAN.L and Saudi Fransi Capital are arranging the deal.

Dubai's Mashreqbank this week hired banks to arrange the sale of U.S. dollar-denominated 10-1/4 year Tier 2 bonds -callable for 5-1/4 years.

The transaction will be the first public dollar bond sale from the region in a month, as issuance from its oil-rich countries has plummeted this year amid expected surpluses, rising interest rates and market volatility.



(Reporting by Yousef Saba)

((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))