Thursday 25 July 2013

Saudi Gazette - Almarai picks banks to arrange hybrid sukuk

Saudi Gazette - Almarai picks banks to arrange hybrid sukuk:

"Saudi Arabian dairy producer Almarai Co. has chosen four banks to arrange the sale of a hybrid Islamic bond  (sukuk), banking sources said on Wednesday, in what would be a first for the Kingdom’s debt market.

The Gulf’s largest dairy firm has mandated the investment banking arm of Banque Saudi Fransi, BNP Paribas , HSBC’s Saudi Arabian unit and Standard Chartered to arrange the transaction, two bankers said.

The offering, which is not imminent, is likely to be denominated in Saudi riyals, although the company could opt to issue in dollars instead, four bankers said, speaking on condition of anonymity as the information is private."

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