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Saudi Aramco expected to raise $6 billion as bond orders top $55 billion

Published 06/09/2021, 11:01 AM
Updated 06/09/2021, 11:05 AM
© Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI (Reuters) - Saudi Arabian oil group Aramco (SE:2222) is expected to raise $6 billion on Wednesday as the company returned to the international debt markets with its first U.S. dollar-denominated Islamic bond sale comprising three tranches, a document showed.

Pricing guidance on the Islamic bond or sukuk tightened to around 70 basis points (bps) over U.S. Treasuries (UST) for a three-year tranche, around 90 bps over UST for a five-year tranche and around 125 bps over UST for a 10-year tranche, all plus or minus 5 bps, the document from one of the banks on the deal showed.

Orders on the sale, which is expected to close later on Wednesday, topped $55 billion.

Initial guidance was around 105 bps over UST for the three-year bonds, around 125 bps over UST for the five-year notes and around 160 bps over UST for the 10-year tranche.

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