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Insurance provides peace of mind
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Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
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.

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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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