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Saudi Electric Raises $1.9 Bln in 7-yr Islamic Bond - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – State-controlled power utility Saudi Electricity Co has raised 7 billion riyals ($1.87 billion) from a 7-year Islamic bond at 95 basis points above Saudi Interbank Offered Rate (Sibor), sources familiar with the matter said on Monday.

The sources, who asked not to be identified, said the bond would start trading on the Saudi bond market before May 24.

Saudi Electricity raised the tenor to seven years, up from the five year notes it issued in its previous two sukuks, the sources said.

Saudi Electricity has set the price guidance for the bond at 95 basis points above Sibor.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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