Riyadh – Mubasher: Saudi Arabia began marketing its debut euro-denominated bonds on Tuesday, Reuters reported.

The oil-rich kingdom started marketing its bonds with an initial guidance price of 115 basis points over mid-swaps an eight-year tranche, and 170 basis points over the same benchmark for a 20-year tranche, the news agency noted, citing a document by one of the investments banks advising on the deal. 

The GCC nation noted that it will use the proceeds from the debt sale for domestic budgetary purposes.

A couple of days ago, Saudi Arabia announced that it would issue its first Euro-denominated bonds in two tranches.

BNP Paribas, Morgan Stanley, and Samba Capital have been hired as lead managers and passive bookrunners.