Sabic sets initial guidance on dollar bond sale
Dubai, September 25, 2013
Saudi Basic Industries Corp (Sabic), the world's largest petrochemicals maker by market value, has set initial price guidance for a benchmark-sized dollar-denominated bond offering, lead managers said on Wednesday.
The initial price thought on the bond, which will have a five year lifespan, is in the area of 150 basis points over the equivalent U.S Treasuries. Benchmark-size is understood to mean at least $500 million.
Pricing of the bond, a rare offering from a Saudi entity in dollars, is expected on Thursday, according to an earlier update from the banks arranging the transaction, which will be completed through its Sabic Capital unit.
Citigroup Inc, HSBC Holdings, Mizuho and Royal Bank of Scotland are the lead managers on the deal, roadshows for which are due to conclude on Wednesday. – Reuters
More Industry, Logistics & Shipping Stories
- MAG boosts Iraq shipping capacity by 60pc
- Sabic to distribute $2.4bn dividends in H2
- Pearl diving 'regains popularity' in Bahrain
- AerCap to buy AIG aircraft leasing unit for $5.4bn
- Safco to pay $1.6 per share cash dividend
- UAE ranked 17th globally for merchandise export
- Investments in Saudi plastics sector hit $50bn
- Asry Bahrain overhaul plan approved
- DHL Mena chief wins top honour
- Dubai Investments unit wins $38m projects