Tuesday 15 January 2013

Saudi's Savola to price debut sukuk - The National

Savola Group is set to close an Islamic bond issue valued at 1.5 billion Saudi riyals on Monday, two sources said, the company's debut sukuk and the first local currency debt offering in Saudi Arabia this year.

The food conglomerate, which has the Middle East's biggest sugar refining business, is issuing a seven-year sukuk priced at 110 basis points over the Saudi interbank offered rate, the sources said, speaking on condition of anonymity as the information is not public yet.

The company sought shareholder approval for the sukuk issue back in October and set up a programme to issue the Islamic bond in December, saying the programme arranger was HSBC Saudi Arabia.
Saudi's Savola to price debut sukuk - The National

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