Kingdom of Saudi Arabia (SAGV) 2021-3

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
USD2,000.0009.5May-31Sr. UnsecuredA1-AFixedTsyT+110 aT+90-95902.25%-99.22900
USD1,250.00030Nov-51Sr. UnsecuredA1-AFixedTsy3.60% a3.35-3.40%-3.25%-97.93100
Tranche Comments
9.5 yr: Book size: 6900; Registration: 144A/Reg S; Comments: USD2bn 2-tranche snr unsec bmk RegS/144A. A1/A. BNPP/Citi/GS/JPM/AlRajhi. 9.5yr sukuk IPTs T+110 area, FPG T+90/+95 WPIR exp 1.5-2bn, launch 2bn at T+90, bk >6.9bn, 30yr IPT 3.6 % area, guidance 3.35%/4% WPIR, exp 1bn, launch 1.25bn at 3.36% , bk >4.1bn, bks @final guidance. 30yr vs 2.375% May-2051 @ 112-18+ (HR 76%); 30 yr: Book size: 4100; Registration: 144A/Reg S; Comments: 1.25bn from 1bn exp deal size Issuer rating: A1 (stable) / A (stable) (Moody's/Fitch). B&D: JP Morgan. LAUNCH 3.36%;
Deal Comments
Yankee Bond