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Goldman Sachs revises price guidance on debut sukuk; books at $1.4 billion: leads

Published 09/16/2014, 05:41 AM
Updated 09/16/2014, 06:30 AM
© Reuters The Goldman Sachs logo is pictured on their post as traders work on the floor of the New York Stock Exchange in New York

DUBAI (Reuters) - Goldman Sachs (N:GS) will complete a $500 million debut sukuk issue later on Tuesday, with price guidance tightened slightly from earlier indications due to strong demand from investors, a document from lead managers showed on Tuesday.

The latest price guidance for the five-year transaction was revised to a range of between 90 and 95 basis points over midswaps, the document showed, having been marked earlier in the day in the area of 95 bps over the same benchmark.

The offer, expected to be rated A-minus by Standard & Poor's and A by Fitch Ratings, has garnered orders worth $1.4 billion from investors. Books will close at 1000 GMT, the document added.

The sukuk is being issued through a vehicle called JANY Sukuk Co and will be guaranteed by Goldman Sachs.

© Reuters. The Goldman Sachs logo is pictured on their post as traders work on the floor of the New York Stock Exchange in New York

Abu Dhabi Islamic Bank (AD:ADIB), Emirates NBD (DU:ENBD), National Bank of Abu Dhabi (AD:NBAD), QInvest, the investment banking arm of Saudi Arabia's National Commercial Bank and Goldman Sachs itself are arranging the deal.

(Reporting by Archana Narayanan; Editing by David French)

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