Saudi makes swoop for sukuk after Fitch downgrade

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By Ross Lancaster
22 Oct 2019

The Kingdom of Saudi Arabia is tapping hard currency debt markets for the first time since Fitch hit it with a downgrade, launching a $2.5bn sukuk on Tuesday.

The sovereign, rated A1/A-/A, has mandated JP Morgan and Standard Chartered to arrange a $2.5bn 10 year sukuk. Initial price thoughts were 145bp-150bp over mid-swaps.

The deal comes less than a month after Fitch downgraded the Kingdom A+ ...

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