UPDATE 1-Saudi Arabia picks hybrid structure for debut dollar sukuk - prospectus | Reuters:
"Saudi Arabia has chosen a hybrid structure for its debut international sukuk, the prospectus for the offer showed, a format widely used in the Saudi local debt market, but not the most popular for sovereign issues. The Islamic bond, expected to go up to $10 billion, will be the country's second international debt sale after a $17.5 billion conventional bond in October last year. That bond issue, the largest ever sold across emerging markets, was part of an effort to diversify Saudi Arabia's funding sources to plug a budget deficit caused by lower oil prices. Saudi Arabia will start meeting fixed income investors for the sukuk, a dual-tranche Islamic bond with five- and 10-year maturities, early next week. "
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