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Sukuk

Saudi Telecom hires banks for debut dollar Sukuk

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The Sukuk, the size of which will depend on market conditions and demand, is part of the company's $5 billion Sukuk programme which was established last month to back general corporate purposes.

Sunday 28, April 2019 BY KUDAKWASHE MUZORIWA

Saudi Telecom has hired six banks to arrange its first US dollar-denominated Sukuk issuance.

The state-owned telecommunications giant has hired HSBC, JPMorgan, StanChart as well as Samba, First Abu Dhabi Bank, and KFH as lead banks for the planned deal.

Saudi corporates are increasingly expected to tap the international debt markets following the inclusion of Saudi government and quasi-government debt in key JP Morgan Emerging Market bond indexes this year.

The recent inaugural bond by state-owned oil giant Saudi Aramco has also attracted new interest in Saudi borrowers and has provided a fresh pricing benchmark for future issues by state-backed entities, reported Reuters.

 

TAGS : Saudi Telecom, US dollar denominated Sukuk, HSBC, JPMorgan, First Abu Dhabi Bank, Simba Financial, KFH

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