Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Thursday began marketing a $1 billion dual-tranche bond offering consisting of 10-year bonds and 30-year Formosa bonds, according to Reuters.

The world’s fourth-biggest petrochemicals firm will sell $500 million in each tranche and gave initial price guidance of around 190 basis points (bps) over midswaps for the 10-year tranche and around 3.375% for the 30-year Formosa notes.

The deal is expected to close later this day.

On Wednesday, SABIC hired banks to arrange the sale of US dollar-denominated 10-year bonds and 30-year Formosa bonds.