Saudi's Apicorp tightens guidance for benchmark debut sukuk -leads
Saudi Arabia-based Arab Petroleum Investments Corp (APICORP) has tightened price guidance for its debut benchmark U.S. dollar-denominated sukuk issue, which could be priced as early as Monday. Guidance was revised to a range of 105 basis points plus/minus 5 bps over midswaps. Pricing was initially set in the area of 110 bps over midswaps earlier in the day. The sukuk will have a five-year tenor and be classified as a quasi-sovereign issue. The order book for the issue currently stands at $650 million. The wakala-structured sukuk is being arranged by Emirates NBD, First Gulf Bank, Goldman Sachs, NCB Capital, Noor Bank and Standard Chartered.
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