Middle East Economic Survey

VOL. XLIX

No 48

27-Nov-2006

SAUDI ARABIA

SABIC Europe Issues Debut Bond, Secures Bank Funding

Saudi Basic Industries Corporations (SABIC) European subsidiary, SABIC Europe, has completed its planned 2bn funding after making a 750mn debut bond issue and securing a 1.25bn syndicated five-year revolving facility from 24 banks. The bond issue was priced on 17 November, after a roadshow in Europe, at 68 bps over mid-swaps, with a coupon of 4.5%, which bankers said was an...