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Commentary & Deal Flow

SSA LAUNCH: Saudi Arabia US$11.5bn 3s/5s/10s/30s 4-Pt

IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

The Kingdom of Saudi Arabia, acting through the Ministry of Finance (KSA), exp Aa3/A+ (s/s) by Moody's/Fitch, US$11.5bn 144A/Reg S 4-part sr notes (3y FXD due 1/12/29, 5y FXD due 1/12/31, 10y FXD due 1/12/36 and 30y FXD due 1/12/56). Citi (B&D on 5y)/GS (B&D on 10y)/HSBC (B&D on 3y)/JPM (B&D on 30y) as JGCs/JBRS. BoC/BNP/CACIB/StanChart as active JBRs/JLMs. Denoms: US$200k x 1k. Day Count: 30/360. Listing: LSE. Law: English. UOP: general domestic budgetary purposes. Pricing 1/5. Settle 1/12 (T+5). 144A ISIN: 3y: US80413TBP30, 5y: US80413TBQ13, 10y: US80413TBR95, 30y: US80413TBS78.

IPTs: 3y T+95 area, 5y T+100 area, 10y T+110 area, 30y T+140 area.

FINAL PRICE GUIDANCE: 3y T+65#, 5y T+75#, 10y T+85#, 30y T+110#.

LAUNCHED:
$2.5bn 3y at T+65.
$2.75bn 5y at T+75.
$2.75bn 10y at T+85.
$3.5bn 30y at T+110.