SEC picks banks for sukuk roadshow
Dubai, March 19, 2012
Saudi Electricity Co (SEC) has picked HSBC and Deutsche Bank to arrange investor meetings in Asia, the Middle East and Europe, after which the utility may issue its debut international Islamic bond.
Roadshows begin on March 21, according to a mandate announcement from arranging banks and seen by Reuters. A sukuk may follow, "subject to market conditions", while last week Fitch Ratings reaffirmed the utility's 'AA-' ratings.
SEC, majority-owned by the Saudi government, is the kingdom's national electricity provider.
The roadshows will visit Hong Kong, Singapore, Kuala Lumpur, the UAE and London, with Germany and Switzerland to be confirmed, and will likely end on March 28, according to the mandate.
In June, the utility was awarded a $13.63 billion loan from the government to help it increase power production. - Reuters
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