Saudi to meet in­vestors ahead of de­but bond

Kuwait Times - - BUSINESS -

Saudi Ara­bia will meet fixed in­come in­vestors start­ing Oct. 12 as it pre­pares to sell its long-an­tic­i­pated de­but in­ter­na­tional sovereign bond, ar­rang­ing banks said yes­ter­day. The trans­ac­tion, which will help the king­dom partly meet the short­fall in its state bud­get brought on by the slump in oil prices, is ex­pected to be one of the largest ever debt sales by an emerg­ing mar­kets na­tion, with com­men­ta­tors fore­cast­ing a trade worth up­wards of $10 bil­lion.

The world’s largest oil ex­porter will sell a dol­lar-de­nom­i­nated bond with tranches ma­tur­ing after five, ten and 30 years fol­low­ing the road­show pro­gram, sub­ject to mar­ket con­di­tions. Cit­i­group, HSBC and JP Mor­gan have been se­lected as global co­or­di­na­tors, and seven more banks have been made joint bookrun­ners for the trade which is struc­tured to be sold to in­vestors in­clud­ing those in the United States, an an­nounce­ment said. Road­shows will be held in Lon­don to­mor­row and Thurs­day, be­fore three days of meet­ings in the United States which will con­clude on Oct. 18 in New York, ac­cord­ing to a sep­a­rate state­ment from ar­rang­ing banks.

Among the Saudi of­fi­cials who will par­tic­i­pate in the in­vestor meet­ings are Min­is­ter of State Mo­hammed Al-Sheikh, the head of trea­sury at state oil gi­ant Saudi Aramco and staff mem­bers of the Min­istry of Finance and the Saudi cen­tral bank, the sep­a­rate state­ment added. — Reuters

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.