Saudi telecoms operator issued maiden sukuk
Saudi Telecom Company (STC) has issued a SR2bn ($530m) sukuk. The ten-year sukuk has a floating rate of 70 basis points over the 3-month Sibor and was nearly two times oversubscribed.
JP Morgan Saudi Arabia, NCB Capital and Standard Chartered Capital Saudi Arabia acted as joint arrangers on the sukuk programme and joint managers on STCs debut issue.
Saudis largest telecoms operator launched its sukuk programme at the end of May, which is worth up to SR5bn and may see it issue from time to time through private placements.
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