Saudi Arabia-based Arab Petroleum Investments Corporation (Apicorp) has tightened price guidance for its debut benchmark US dollar-denominated sukuk issue, which could be priced as early as Monday, a document from lead arrangers showed.

Guidance was revised to a range of 105 basis points plus/minus 5 bps over midswaps, the document showed. Pricing was initially set in the area of 110 bps over midswaps earlier in the day.

The sukuk will have a five-year tenor and be classified as a quasi-sovereign issue since Apicorp, an energy investment company, is owned by the governments of the Organization of Arab Petroleum Exporting Countries.

The order book for the issue currently stands at $650 million, the document showed.

The wakala-structured sukuk, in which one party acts as an agent managing assets for another, is being arranged by Emirates NBD, First Gulf Bank, Goldman Sachs, NCB Capital, Noor Bank and Standard Chartered.-Reuters