Saudi Aramco talks three-part offering of dollar-denominated sukuk

By Rebecca Melvin

Concord, N.H., June 9 – Saudi Arabian Oil Co. (Aramco) was talking a three-part offering of U.S. dollar-denominated Islamic notes, or sukuk (expected ratings: A1//A), on Wednesday, according to a market source.

A three-year tranche of notes was being talked to yield in the Treasuries plus 105 basis points area. A five-year tranche was being talked to yield in the Treasuries plus 125 bps area, and a 10-year tranche was being talked initially to yield in the Treasuries plus 160 bps area.

The notes have a change-of-control put and one-month par call for the shorter-dated paper and a three-month par call for the 10-year notes.

SA Global Sukuk Ltd. is issuer of the inaugural multi-tranche sukuk, for which Aramco is obligor.

The joint sukuk structuring agents are First Abu Dhabi, HSBC and Standard Chartered Bank.

Alinma Investment Co., Al Rajhi Capital, BNP Paribas, Citigroup, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan, Morgan Stanley, NCB Capital, Riyad Capital, SMBC Nikko and Standard Chartered Bank are the active bookrunners. And the passive bookrunners are Abu Dhabi Commercial Bank, Albilad Capitak, AlJazira Capital, Alistithmar Capital, ANB Invest, BOC International, Credit Agricole CIB, Dubai Islamic Bank, Emirates NBD Capital, Saudi Fransi Capital and Societe Generale CIB.

The issuer is a Saudi Arabian state-owned oil company.

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