Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Electric Raises $1.9 Bln in 7-yr Islamic Bond | ASHARQ AL-AWSAT English Archive 2005 -2017
Select Page

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.