RIYADH, (Reuters) – Price guidance for state power utility Saudi Electricity Co’s five-year Islamic bond is at 95 basis points above the Saudi Interbank Offered Rates (Sibor), a lead manager said on Wednesday.

SEC, which plans to raise up to $1.9 billion, has yet to decide the size of the issue, said Rajiv Shukla, managing director and head of global capital finance at HSBC Saudi Arabia.

“The sukuk issue has been priced at 95 bps above Sibor. They have not yet fixed the amount as the book is still open and will be closed later today.

“The company (SEC) will decide on the allocation later this week and will fix the amount to be taken by Sunday or Monday,” Shukla told Reuters.

HSBC and Samba Financial Group are joint lead managers on the offer. SEC has