Almarai sets guidance on $453m hybrid sukuk
Riyadh, September 25, 2013
Saudi Arabian dairy firm Almarai Company has set guidance of 200 basis points over six-month Libor on a planned SR1.7 billion ($453.2 million) Tier 1 hybrid sukuk, a banker said.
The company completed two-week roadshows last Friday and opened books on the deal this week.
The deal is expected to be wrapped up early next week, with early indications from investors suggesting that demand is likely to be high, the banker said.
If completed successfully, it would be the first corporate hybrid sukuk - a perpetual sukuk with equity-like characteristics - in the Gulf region.-Reuters