Saudi dairy company Almarai hires banks for debut dollar sukuk –sources | Reuters:
The Gulf’s biggest dairy company Almarai has hired banks including HSBC and First Abu Dhabi Bank to arrange a sale of U.S. dollar sukuk, or Islamic bonds, sources familiar with the matter said on Wednesday.
The sale would mark Almarai’s debut in the international debt markets, as the Saudi Arabian company has so far issued bonds in riyal.
The issue is expected to be of benchmark size, which generally means in excess of $500 million, the sources said.
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