Saudi Arabia starts marketing debut euro debt sale

DUBAI: Saudi Arabia started marketing its debut euro-denominated bonds on Tuesday with initial price guidance of around 115 basis points over mid-swaps for an eight-year tranche, and around 170 bps over the same benchmark for a 20-year tranche, a document issued by one of the banks leading the deal showed.

Saudi Arabia will use the proceeds from the debt sale - the first by a Gulf government denominated in euros - for domestic budgetary purposes, according to the document.

Goldman Sachs and Societe Generale are coordinating the transaction, which is expected to be concluded on Tuesday.