IslamicFinance.de

Saudi Telecom Company has issued a debut Islamic bond worth 2 billion Saudi riyals ($533.3 million) after receiving good demand. The 10-year Islamic bond carries a floating profit rate of 70 basis points over three-month SIBOR and was offered under its newly established 5 billion Saudi riyals private placement sukuk program. The debut Sukuk issuance of STC was almost two times oversubscribed. J.P. Morgan Saudi Arabia, NCB Capital Co. and Standard Chartered Capital Saudi Arabia were joint arrangers of the sukuk program as well as joint managers on the debut issue.