Saudi Electric launches $2bn sukuk
Dubai, March 26, 2013
Saudi Electricity Co (SEC), the Gulf's largest utility, has launched an offer of a $2 billion dual-tranche Islamic bond, or sukuk, with pricing due later on Tuesday, a document from lead managers said.
The offer is split between a $1 billion 10-year tranche and a $1 billion 30-year portion, with price guidance set at 155 basis points and 190 bps over benchmark US Treasuries.
Orders worth $13 billion have been pledged by investors for the deal, which should price in the morning New York time, the document added.
Deutsche Bank and HSBC Holdings are arranging the sukuk sale. - Reuters