New Issue: Saudi Aramco sells $6 billion three-part sukuk offering

By Cristal Cody

Chicago, June 10 – Saudi Arabian Oil Co. (Aramco) priced $6 billion in a three-part sukuk offering (expected ratings: A1//A), according to a market source.

SA Global Sukuk Ltd. is listed as the issuer, for which Aramco is obligor.

The company sold $1 billion of three-year notes at Treasuries plus 65 basis points, low to talk in the Treasuries plus 105 bps area.

The $2 billion of five-year notes came at Treasuries plus 85 bps, low to talk in the 125 bps area.

And, a $3 billion tranche of 10-year notes came at Treasuries plus 120 bps, low to initial price talk, which had them in the Treasuries plus 160 bps area.

As previously reported, 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.

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 Capital, 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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