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Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
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Insurance companies try their best to uphold the details of the policy without cutting corners
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Insurance companies in the region are as professional as in other more developed markets
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Saudi Electric Prices $1.75 Bln Islamic Bond

Saudi Electric Prices $1.75 Bln Islamic Bond

Saudi Electricity Co priced a $1.75 billion two-part Islamic bond on Wednesday, putting its $500 million five-year portion at a fixed profit rate of 2.665 percent and its $1.25 billion 10-year tranche at 4.211 percent.


March 28, 2012 4:51 by

Saudi Electricity’s launch of the two-part bond earlier this week marks the first dollar-denominated issue from Saudi Arabia since October 2010, when petrochemicals group Saudi Basic Industries Corp (SABIC) launched a $1 billion five-year bond.
Demand for the Reg S Ijara Sukuk was very strong, market sources indicated, given the rarity value of a dollar sukuk from a majority government-owned Saudi corporate.
HSBC and Deutsche Bank were the mandated lead arrangers on the deal, while Mistubishi Securities UFJ came in as a co-lead on Wednesday.
Another Saudi group, Kingdom Holding received shareholder approval on Wednesday to sell bonds worth up to 3.75 billion riyal ($1 billion). (Reporting By Nour Merza and Mala Pancholia)


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