Saudi Electricity sets price guidance for sukuk
Dual-tenor dollar sukuk atrracts orders in excess of $5 billion
DUBAI: State-controlled Saudi Electricity Co has set the final price guidance for a planned sale of dual-tenor US dollar-denominated sukuk, or Islamic bonds, according to documents seen by Reuters.
The company is marketing five-year sukuk, due in January 2024, and 10-year sukuk with a final price guidance of around 120 basis points over mid-swaps and 165 bps over mid-swaps, respectively.
The bonds are expected to price within a range of 5 bps above or below the set guidance. Orders for the issues topped $5 billion, the documents showed.
Citi, First Abu Dhabi Bank, HSBC, Mizuho, MUFG, Natixis, SMBC Nikko and Standard Chartered Bank are arranging the bond sale, which is expected to be finalised later on Thursday.