Middle East Economic Survey

VOL. LII

No 26

6-Jul-2009

SAUDI ARABIA

SEC Secures Regions Tightest Pricing For SR7Bn Sukuk Issue

The Saudi Electricity Company (SEC) has secured good pricing for its SR7bn ($1.87bn) issue of sukuk (an Islamic product similar to a conventional bond), after the offer period closed on 28 June, MEES understands. Pricing was 160 bps over the Saudi interbank offered rate (Sibor), which is the tightest pricing achieved in the region after the fall of Lehman Brothers in...