Saudi Telecom issues debut $533m Sukuk | GulfNews.com

Saudi Telecom issues debut $533m Sukuk | GulfNews.com:



"Saudi Telecom Company has issued a debut Islamic bond worth 2 billion Saudi riyals ($533.3 million) after receiving good demand, the majority government-owned telco said on Tuesday.



Several regional companies are rushing to tap the debt market ahead of an expected slowdown in regional investor activity deeper in the summer months and during Ramadan in July.



The 10-year Islamic bond, or sukuk, carries a floating profit rate of 70 basis points over three-month SIBOR and was offered under its newly established 5 billion Saudi riyals private placement sukuk program, STC said in a statement posted on the Saudi bourse website."



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