Bankers expect a bumper year of bond sales in Saudi Arabia following the success of the country’s first sovereign-guaranteed sukuk in January.
The 15bn riyal ($4bn) Islamic instrument, issued to finance the expansion of Jeddah’s international airport, was the largest single-tranche sukuk yet, says HSBC, which led the issuance. It was sold at a profit rate of 2.5 per cent and was 3.5 times oversubscribed.
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