IslamicFinance.de

The largest ever government guaranteed sukuk in Saudi Arabia for the General Authority of Civil Aviation (GACA) totaled SR15.211 billion ($4.056 billion), representing a 3.21 percent profit per annum. The deal was 1.9 times oversubscribed with strong demand from a wide range of investors. This diversity of investors means that any subsequent issuance won’t be over reliant on any one sector and GACA could tap into a ready investor base. HSBC and NCB Capital acted as Joint Lead Managers and Bookrunners of the sukuk. Additionally, HSBC acted as the Sukuk Coordinator, Sole Shariah Coordinator, Sukuk Holders' Agent, and Payment Administration Agent. Standard Chartered Saudi Arabia was Co-Lead Manager for the Issuance.