The sub-underwriting banks are Riyad Bank, ING Bank, Saudi Hollandi Bankand National Bank of Abu Dhabi.

'With the sub-underwriting wrapped up, we are looking at the main syndication in September,' says one of the lead arrangers. 'We are aiming to start sending out invitations towards the end of August and the information memoranda by the end of the month.'

It is expected that the main focus of the syndication will be regional financial institutions. Although the financing package is for Sabic's debut European acquisition, European - and other international - banks have been noticeable in their absence from the deal. The lead arranging group is made up of JP Morgan Chase & Company, HSBC Investment Bankwith its local affiliate The Saudi British Bank, Credit Agricole Indosuezwith its local affiliate Al-Bank Al-Saudi Al-Fransi, Saudi American Bank, Arab Bank with Arab National Bank, Arab Petroleum Investments Corporation (Apicorp), Gulf International Bank, and Arab Banking Corporation (MEED 31:5:02).