Saudi Electricity’s sukuk issue oversubscribed

10/04/2014 13:41 AST

The Saudi Electricity Co (SEC) has successfully managed to price and allocate two global sukuk, worth $2.5bn (SR9.37bn), Arab News has reported. The bonds were reportedly issued in two separate tranches: The first is a $1.5bn 10-year bond at a rate of 4% and the second is a $1bn 30-year note at 5.5%. Subscription to the bonds reached $12.5bn, or five times of the required fund.


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