And they account for 42 per cent of the workforce and 40 per cent of the Emirate’s GDPNovember 24, 2015 4:32
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 kippreport
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)