UPDATE 1- #SaudiArabia hires JPMorgan, Standard Chartered for $2.5 bln sukuk - Reuters

UPDATE 1-Saudi Arabia hires JPMorgan, Standard Chartered for $2.5 bln sukuk - Reuters:

Saudi Arabia has hired banks including JPMorgan and Standard Chartered to manage a $2.5 billion issuance of sukuk, or Islamic bonds, the kingdom’s first international debt sale since an assault on its oil facilities last month.

The strikes, that initially halved Saudi crude production, led to a rating downgrade by Fitch, which cited increased geopolitical risks and the possibility of further attacks.

The sale of the new sukuk notes, due in 2029, will be completed on Tuesday. The notes offer an initial profit rate equivalent to between 145 and 150 basis points over mid-swaps, a document issued by one of the banks leading the deal showed.