Finance & Stock Market News

Saudi Electric raises $1.9 bln in 7-yr Islamic bond

Mon, 10th May 2010 08:36

RIYADH, May 10 (Reuters) - State-controlled power utility Saudi Electricity Co has raised 7 bi

llion 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.

(Reporting by Souhail Karam, editing by Amran Abocar) ($1=3.750 Saudi Arabian Riyal) Keywords: SAUDIELECTRIC SUKUK

(souhail.karam@thomsonreuters.com; +966 1 463 2603; Reuters Messaging: souhail.karam.reuters.com@reuters.net)

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