Saudi Basic Industries Corp (Sabic), the world's largest petrochemicals maker by market value, has set initial price guidance for a benchmark-sized dollar-denominated bond offering, lead managers said on Wednesday.

The initial price thought on the bond, which will have a five year lifespan, is in the area of 150 basis points over the equivalent U.S Treasuries. Benchmark-size is understood to mean at least $500 million.

Pricing of the bond, a rare offering from a Saudi entity in dollars, is expected on Thursday, according to an earlier update from the banks arranging the transaction, which will be completed through its Sabic Capital unit.

Citigroup Inc, HSBC Holdings, Mizuho and Royal Bank of Scotland are the lead managers on the deal, roadshows for which are due to conclude on Wednesday. – Reuters