The deal is expected to be a 15-year issue and is being arranged by the UK’s HSBC and Germany’s Deutsche Bank. A roadshow of potential investors ends in the UK on 25 March. At 15 years, it will be one of the longest tenor sukuk offerings of recent years. Most Saudi companies issue sukuk in the local currency that can only be bought by domestic investors.
The last international sukuk offering by SEC raised an orderbook of $19bn for a deal that was sized at $1.25bn.