DUBAI (Reuters) - Goldman Sachs (GS.N) will complete a $500 million debut sukuk issue later on Tuesday, with price guidance tightened slightly from earlier indications due to strong demand from investors, a document from lead managers showed on Tuesday.
The latest price guidance for the five-year transaction was revised to a range of between 90 and 95 basis points over midswaps, the document showed, having been marked earlier in the day in the area of 95 bps over the same benchmark.
The offer, expected to be rated A-minus by Standard & Poor’s and A by Fitch Ratings, has garnered orders worth $1.4 billion from investors. Books will close at 1000 GMT, the document added.
The sukuk is being issued through a vehicle called JANY Sukuk Co and will be guaranteed by Goldman Sachs.
Abu Dhabi Islamic Bank ADIB.AD, Emirates NBD (ENBD.DU), National Bank of Abu Dhabi NBAD.AD, QInvest, the investment banking arm of Saudi Arabia’s National Commercial Bank IPO-NACO.SE and Goldman Sachs itself are arranging the deal.
Reporting by Archana Narayanan; Editing by David French