Banque Saudi Fransi has set a deal size of $750 million for its five-year Islamic bond sale, sources said, ahead of the sukuk's formal launch.

The sukuk is due to launch on Tuesday at a spread of 185 basis points over midswaps, at the tighter end of revised guidance issued earlier in the day, indicating healthy appetite for the paper.

Citi, Deutsche Bank and Credit Agricole  are bookrunners on the deal. Allocations and pricing are expected early afternoon, London time.

Orderbooks were in excess of $3.5 billion, two sources said, while a third source said books had hit $4 billion. - Reuters