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Saudi Arabia Raises $2 Billion in Islamic Bond Sale

Debt due in 2029 priced at 127 basis points over midswaps
Citigroup, HSBC, JPMorgan are among banks on the deal

By

Archana Narayanan and

September 12, 2018, 6:37 AM UTCUpdated onSeptember 12, 2018, 8:39 PM UTC

Saudi Arabia raised $2 billion through the issuance of notes due January 2029, completing the kingdom’s external funding requirements for the year.

The world’s biggest oil exporter mandated BNP Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., Mizuho Bank and Samba Capital for the deal, according to a term sheet seen by Bloomberg. The kingdom’s offering priced at 127 basis points over midswaps, tightening from initial price guidance in the area of 145 basis points.