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Saudi Telecom issues SAR2bn, 10-yr debut sukuk

DUBAI, June 10 (Reuters) – Saudi Telecom Co (STC), the Gulf’s largest telecommunications operator by market value, said on Tuesday it had completed a 2 billion riyal ($533 million), 10-year debut sukuk issue.

The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate , currently at 0.9525 percent.

Government investors, banks, asset managers and insurance companies bought the sukuk, the statement added.

JP Morgan Chase , Standard Chartered and the investment banking arm of Saudi Arabia’s National Commercial Bank managed the issue, which was part of a 5 billion riyal sukuk programme established last month.

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(Reporting by Andrew Torchia; Editing by David French)

(([email protected])(+9715 6681 7277)(Reuters Messaging: [email protected]))

Keywords: SAUDI TELECOMUNICATIONS/SUKUK

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