Saudi Arabia's National Industrialization Co (Tasnee) has priced a 2 billion riyals ($533.3 million) Islamic bond, or sukuk, the first time the petrochemicals firm has tapped the bond markets.
The privately-placed, seven-year transaction was issued at par and carried a profit rate of 105 basis points over the six-month Saudi Interbank Offered Rate, a document from HSBC's Saudi Arabian unit, which arranged the deal, said.
The issue attracted an order book of 5.2 billion riyals and was sold to government institutions, insurance companies, investment funds and banks, a Tasnee bourse filing said late on Tuesday.
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