Our Network

Register for our free newsletter

 
 
Latest News

Saudi's Tasnee Eyes Debut Riyal Sukuk

Saudi's Tasnee Eyes Debut Riyal Sukuk

Saudi Arabia's National Industrialization Company (Tasnee) will begin meeting investors next week ahead of a potential debut Islamic bond, or sukuk, the petrochemicals firm said in a regulatory filing.

May 1, 2012 9:33 by



Saudi Arabia’s National Industrialization Company (Tasnee) will begin meeting investors next week ahead of a potential debut Islamic bond, or sukuk, the petrochemicals firm said in a regulatory filing. HSBC’s Saudi Arabian unit has been selected to organise the roadshows, which could lead to a privately-placed transaction, according to a statement published late on Monday.

A number of Saudi entities have priced their first local currency sukuk this year as interest in the country’s debt market grows on the back of high investor liquidity and a desire to diversify funding sources away from bank loans. The largest of these was a 15-billion riyals ($4 billion) trade from the General Authority for Civil Aviation (GACA) in January. Diary firm Almarai Co and AJIL Financial Services Company completed deals worth 1 billion riyals and 500 million riyals in March and April, respectively.

(Reporting by David French; Editing by Amran Abocar)



0

Tags: , , , , ,

Leave a Comment