Bloomberg/Angel Navarrete

Economy Markets

Saudi Arabia mulls dual-tranche debut euro bond issuance

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The Kingdom plans to issue bonds in tranches of eight and 20 years.

Monday 01, July 2019 BY KUDAKWASHE MUZORIWA

Saudi Arabia has hired a syndicate of banks including Goldman Sachs and Societe Generale to arrange a global investor call ahead of an issuance of euro-denominated bonds as the Kingdom seeks to diversify its investor base.

The Kingdom has become a regular debt issuer over the past few years to offset the impact of lower oil prices on its finances and its planned debut in the euro-denominated markets shows it is targeting new funding sources for future issues.

Goldman Sachs and Societe Generale have been hired as global coordinators and bookrunners for the potential bond issue, while BNP Paribas, Morgan Stanley and Samba Capital have been appointed as lead managers and passive bookrunners.

The deal, subject to market conditions, will be a Regulation S/144 A transaction, a format which allows the sale of securities to qualified institutional buyers in the US, reported Reuters.

TAGS : euro bond issuance , Regulation S/144 A transaction, Goldman Sachs, Societe Generale, Morgan Stanley , Samba Capital

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