{"id":128150,"date":"2021-06-09T09:02:50","date_gmt":"2021-06-09T09:02:50","guid":{"rendered":"https:\/\/precoinnews.com\/?p=128150"},"modified":"2021-06-09T09:02:50","modified_gmt":"2021-06-09T09:02:50","slug":"saudi-aramco-seen-raising-3-billion-4-billion-with-dollar-sukuk-sources","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/saudi-aramco-seen-raising-3-billion-4-billion-with-dollar-sukuk-sources\/","title":{"rendered":"Saudi Aramco seen raising $3 billion-4 billion with dollar sukuk – sources"},"content":{"rendered":"
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<\/figcaption>

DUBAI (Reuters) -Saudi Arabian oil giant Aramco is likely to raise between $3 billion and $4 billion on Wednesday, two sources said, as it returns to the international debt markets with its first U.S. dollar-denominated sukuk sale.<\/p>\n

The debt issuance, which will at least partly fund a large dividend that mostly goes to the government, will comprise tranches of three, five and 10 years, the term sheet for the sukuk seen by Reuters showed.<\/p>\n

Initial price guidance was around 105 basis points (bps) over U.S. Treasuries (UST) for the three-year portion, around 125 bps over UST for the five-year paper and around 160 bps over UST for the 10-year bonds.<\/p>\n

Aramco last year maintained a promised $75 billion dividend to shareholders – chiefly the government – despite lower oil prices, and is expected to shoulder significant domestic investments in Saudi Arabia\u2019s plans to transform the economy.<\/p>\n

The company chose to issue Islamic bonds over conventional ones due to high demand for the instrument as a result of the low number of dollar sukuk sales in the Gulf this year, a source told Reuters on Monday.<\/p>\n

Aramco has been widely expected to become a regular bond issuer after its debut $12 billion issuance in 2019 was followed by an $8 billion, five-part transaction in November last year, also used to fund its dividend.<\/p>\n

A source had told Reuters that Aramco was expected to raise up to $5 billion with the deal, which is expected to close later on Wednesday and has 29 active and passive bookrunners working on it.<\/p>\n

Active bookrunners on the deal include HSBC, JPMorgan, NCB Capital and Standard Chartered Bank. Passive bookrunners include BOC International and Dubai Islamic Bank.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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