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Stock Markets January 26, 2026

Saudi Aramco sets indicative spreads for four-part dollar bond issue

Three- to 30-year tranches initially quoted at 100-165 basis points over U.S. Treasuries ahead of expected Monday launch

By Leila Farooq
Saudi Aramco sets indicative spreads for four-part dollar bond issue

Saudi Aramco has released indicative pricing levels for a four-tranche, dollar-denominated bond transaction that sources say is due to begin on Monday. The initial spreads range from around 100 basis points over U.S. Treasuries for the shortest tranche to roughly 165 basis points for the 30-year portion. Major global banks are acting as active and passive bookrunners on the deal.

Key Points

  • Saudi Aramco has set indicative pricing for a four-tranche dollar bond offering expected to launch Monday, per IFR.
  • Initial spreads are about 100 bps for three-year, 115 bps for five-year, 125 bps for 10-year, and 165 bps for 30-year bonds over U.S. Treasuries.
  • The transaction lists Citi, Goldman Sachs International, HSBC, J.P. Morgan, and Morgan Stanley as active bookrunners, with a broad group of passive bookrunners including regional and global banks.

Saudi Aramco has provided indicative pricing for a multi-tranche dollar bond offering that market sources said is expected to begin on Monday, according to fixed income news service IFR.

The initial indications place the company's three-year notes at about 100 basis points over comparable U.S. Treasuries. The five-year tranche is quoted at roughly 115 basis points above Treasuries, while the 10-year portion is indicated at near 125 basis points over the benchmark. For the longest-dated paper in the package, the 30-year bonds carry an initial spread in the vicinity of 165 basis points above U.S. Treasuries.

Bookrunning duties for the transaction are split between designated active and passive banks. Citi, Goldman Sachs International, HSBC, J.P. Morgan, and Morgan Stanley are named as active bookrunners. Institutions listed as passive bookrunners include Abu Dhabi Commercial Bank, Bank of China, BofA Securities, BSF Capital, Emirates NBD Capital, First Abu Dhabi Bank, Mizuho, MUFG, NATIXIS, Riyad Capital, SMBC, and Standard Chartered Bank.

The pricing levels reported are indicative. The information released so far does not include firm allocations, final order-book size, or the ultimate pricing that will be fixed at launch. Those details are typically determined once investor demand is assessed during bookbuilding.

Context and significance

The set of indicative spreads provides market participants an initial view of how Saudi Aramco and its syndicate are positioning each maturity relative to U.S. Treasury yields. The quoted levels show a graduated increase in spread as tenor extends from three to 30 years.

Active and passive bookrunner lists indicate a wide distribution of banks involved in underwriting and distribution, spanning global and regional institutions.

What is not yet public

  • Final pricing and any adjustments to the indicative spreads.
  • Details on investor demand, order book depth, and allocations among the tranches.
  • Confirmation of the deal's effective launch beyond the expectation that it will start on Monday.

Risks

  • The quoted spreads are indicative and may be revised before the deal is launched; final pricing has not been announced.
  • The article does not provide information on investor demand or order-book size, leaving uncertainty about allocation and execution.
  • Launch timing is described as expected for Monday but not confirmed; the schedule could change.

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