July 2, 2019 / 8:04 AM / 19 days ago

Saudi Arabia starts marketing debut euro debt sale

DUBAI, July 2 (Reuters) - 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. (Reporting by Davide Barbuscia; ; editing by John Stonestreet)

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