Saudi Arabia has summoned bankers to meetings in Riyadh next week as the oil exporter seeks to launch its debut international bond of about $15 billion as early as July.
Bankers briefed on the plans said that the ministry of finance and a newly-formed debt management office would be hosting a "beauty parade" of lenders on June 6-7 to hear proposals on how to organize the cash-strapped government's first dollar-denominated bond.
Banks expected to take part include the Bank of Tokyo-Mitsubishi, HSBC and JPMorgan Chase, which were lead lenders on the kingdom's $10 billion loan in April. Others thought likely to take part in the talks include BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley.
Riyadh could shortlist lead and second-tier arrangers as early as mid-June, one of the bankers said. The planned issuance, which could come as early as July, will include several tenors up to 30 years in maturity and would probably be followed by a further bond later this year and potentially another one next year, he said.