Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Aramco and Total S.A. of France, issued its debut sukuk Sunday and there are signs that several other potential Saudi issuers are lining up to go to the market preferring to raise funds in this way despite the continuing turmoil in the global financial market and economy.
According to the latest information available Sunday, the SATORP bond issue was 3.5 times oversubscribed.
According to a statement from Saudi Fransi Capital, one of the three joint lead managers and joint bookrunners for the transaction together with Deutsche Securities Saudi Arabia and Samba Capital & Investment Management Company "the aggregate face amount of SATORP's public offering of SR-denominated certificates (the sukuk) will be SR3,749,900,000 and the net proceeds of the offering will be the aggregate face amount after deducting the fees of the joint lead managers and joint bookrunners for the offering."
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