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Saudi Aramco hires banks for international bond issuance

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Saudi Aramco seeks to purchase Public Investment Fund’s (PIF) 70 per cent stake in SABIC.

Monday 18, February 2019

(Bloomberg) --Saudi Aramco has hired Standard Chartered and BNP Paribas as co-managers for the oil giant’s first international debt sale to finance the acquisition of a controlling stake in SABIC.

Similarly, the Japanese lenders -- Mitsubishi UFJ Financial Group and Mizuho Financial Group as well as Samba Financial Group and Gulf International Bank are among other lenders being appointed but they are yet to be formally notified.

Additionally, Aramco appointed JPMorgan Chase and Morgan Stanley to manage the sale.

Last month, Saudi Energy Minister Khalid Al-Falih, said that the world’s largest oil producer could raise about $10 billion to help fund the SABIC deal. The deal is likely to force Aramco to disclose its accounts to investors for the first time since its nationalisation about four decades ago.

JPMorgan and Morgan Stanley will also act as bookrunners for the offering, along with Citigroup, HSBC Holdings and National Commercial Bank with the sale expected in the first half of 2019.

TAGS : StanChart, Samba Financial Group, Mizuho Financial Group, MUFG, JP Morgan, Morgan Stanley, BNP Paribas

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