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PIF is expected to sell between $1 billion and $1.25 billion in a five-year tranche and set the spread at 125 basis points (bps) over U.S. Treasuries. It is expected to sell $1 billion in 10-year paper at 165 bps over UST and $500 million in 100-year bonds at 6.7%, the bank document showed.
Demand topped $21.8 billion for the three tranches, with the five-year drawing over $10.3 billion in interest, the 10-year attracting more than $8.4 billion and the 100-year notes with more than $3.1 billion in orders, the document showed.
