EFTA00820307.pdf

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: (BFW) Saudi Arabia Said to Target First Dollar Bond After Fed Meeting Date: Thu, 25 Aug 2016 13:07:29 +0000 Richard Kahn c Begin forwarded message: From: "Ens, Amanda" <I Subject: (BFW) Saudi Arabia Said to Target First Dollar Bond After Fed Meeting Date: August 25, 2016 at 9:00:10 AM EDT To: Richard Kahn Saudi Arabia Said to Target First Dollar Bond After Fed Meeting 2016-08-25 12:47:57.382 GMT By Matthew Martin and Archana Narayanan (Bloomberg) -- Kingdom may finalize size and pricing in early Oct. after roadshow for potential investors in last week of Sept., according to people with knowledge of the matter. * Government could raise more than $10b in the sale, people say, asking not to be identified as information private * Timing subject to change depending on market conditions * Saudi Arabia's Finance Ministry declines to comment * NOTE: Goldman, Deutsche Bank Said Among Saudi Bond Lead Managers For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO> To contact the reporter on this story: Matthew Martin in Dubai at [email protected] To contact the editor responsible for this story: Dale Crofts at [email protected] EFTA00820307 Goldman, Deutsche Bank Said Among Saudi Bond Lead Managers (1) 2016-07-14 15:04:03.94 GMT By Matthew Martin, Dinesh Nair and Archana Narayanan (Bloomberg) -- Saudi Arabia appointed six banks as co-lead managers on its first international bond sale as the country looks to plug a budget deficit caused by the drop in oil prices, according to people familiar with the matter. The kingdom hired Bank of China Ltd., BNP Paribas SA, Deutsche Bank AG, Goldman Sachs Group Inc., Mitsubishi UFJ Financial Group Inc. and Morgan Stanley to arrange the sale, the people said, asking not to be identified as the information is private. The banks will hold a meeting later this month to start working on the deal, two of the people said. The managers will work with HSBC Holdings Plc, JPMorgan Chase & Co. and Citigroup Inc., who were said to have been appointed global coordinators last month for the sale of at least $10 billion of bonds. Saudi Arabia plans to boost debt as it looks to plug an estimated shortfall of about $100 billion in its budget this year and fund an economic transformation plan. Government debt levels will increase to 30 percent of economic output by 2020 from 7.7 percent, according to the government. The plunge in crude is driving bond sales across the six-nation Gulf block as governments seek to fill fiscal gaps the International Monetary Fund says could reach $900 billion by 2021. Kuwait, which plans to raise as much as $9.9 billion from a bond issue in September, is willing to liaise with Saudi Arabia on the timing of the sale, Finance Minister Anas Al-Saleh said in a phone interview Monday. Qatar raised a record $9 billion in May and Abu Dhabi sold bonds worth $5 billion in April. Spokesmen for Goldman Sachs, Morgan Stanley and Deutsche Bank declined to comment. A spokeswoman for BNP Paribas also declined to comment. MUFG didn't immediately respond to an e- mail requesting comment. A call to the London offices of Bank of China wasn't immediately answered, while Saudi Arabia's Ministry of Finance couldn't be reached for comment outside of office hours. To contact the reporters on this story: Matthew Martin in Dubai at mmartin128®bloomberg.net; Dinesh Nair in London at dnair5®bloomberg.net; Archana Narayanan in Dubai at anara yar [email protected] To contact the editors responsible for this story: Dale Crofts at [email protected] Vernon Wessels, Amy Thomson EFTA00820308 This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. EFTA00820309