IslamicFinance.de

Saudi Electricity Co plans to issue Islamic bonds denominated in both riyals and dollars in coming months and has reportedly selected banks to arrange the offers. The monopoly utility has large fund-raising needs as it looks to expand generation capacity to keep up with the kingdom's rapidly growing power demand. SEC has chosen the investment banking arm of Banque Saudi Fransi and HSBC's Saudi Arabian unit to arrange the riyal-denominated sukuk. This transaction is expected to launch as early as Thursday. HSBC will also be involved as an arranger of the dollar-denominated sukuk, along with Deutsche Bank and JP Morgan Chase. This sale is expected in early 2014.