The sovereign, rated BBB/BBB, launched the transaction at a yield of 6.20%, the tight end of guidance of 6.25% area (plus or minus 5bp), and some 30bp inside initial price thoughts of 6.50% area.

The order book for the issue, which matures on August 1, 2023, was heard close to $8 billion before launch.

BNP Paribas, Citigroup, Gulf International Bank and JP Morgan are leads on the 144A/Reg S transaction, which is expected to price later on Wednesday.