Saudi makes swoop for sukuk after Fitch downgrade

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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