Saudi Arabia begins selling sukuk in 3 tranches with maturities of 3, 6 and 10 years

The IFR fixed income news service revealed that the Kingdom has begun selling sukuks in 3 tranches with maturities of 3, 6 and 10 years.

According to the service, the initial indicative price was set at about 85 basis points above US Treasury bonds for the 3-year Sukuk tranche, 100 basis points above US Treasury bonds for the 6-year Sukuk tranche, and 110 basis points for the 10-year Sukuk tranche, according to “Reuters.”

A report for the service showed that BNP Paribas, Citi and Goldman Sachs banks were appointed as global coordinators and joint bookrunners to manage the sale of debt instruments, in addition to choosing Al Jazira Capital, HSBC, JP Morgan and Standard Chartered banks to be lead managers and bookrunners. Participants are observers in the offering.