Saudi Arabia’s Almarai talks $500 million five-year sukuk at mid-swaps plus 180 bps

By Rebecca Melvin

New York, Feb. 26 – Saudi Arabia’s Almarai Co. talked a planned dollar-denominated benchmark size sukuk (BBB-) at a yield spread of mid-swaps plus 180 basis points.

Pricing was tight compared to revised guidance of mid-swaps plus 190 bps to 200 bps and from initial price talk in the mid-swaps plus 225 bps area.

The issuer is Almarai Sukuk Ltd., a special-purpose vehicle of the food and beverage group.

Order books for the offering were about $5.3 billion.

First Abu Dhabi Bank, HSBC, JPMorgan and Standard Chartered are joint bookrunners of the deal, for which final pricing is expected later Tuesday.

Proceeds will be used to repay existing debt and to fund general corporate needs.

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