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Saudi's Tasnee eyes debut riyal sukuk - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Saudi Arabia’s National Industrialization Company (Tasnee) will begin meeting investors next week ahead of a potential debut Islamic bond, or sukuk, the petrochemicals firm said in a regulatory filing.

HSBC’s Saudi Arabian unit has been selected to organise the roadshows, which could lead to a privately-placed transaction, according to a statement published late on Monday.

A number of Saudi entities have priced their first local currency sukuk this year as interest in the country’s debt market grows on the back of high investor liquidity and a desire to diversify funding sources away from bank loans.

The largest of these was a 15-billion riyals ($4 billion) trade from the General Authority for Civil Aviation (GACA) in January. Diary firm Almarai Co and AJIL Financial Services Company completed deals worth 1 billion riyals and 500 million riyals in March and April, respectively.

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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