Middle East Economic Survey


No 20


SEC Sukuk Oversubscribed, Tests Longer Tenor

Saudi Electricity Companys (SECs) Sukuk (an Islamic product similar to bonds) have come in oversubscribed, with the SR7bn ($1.87bn) issue attracting an order book of over SR27bn ($7.20bn). They break new ground with the seven-year tenor surpassing the five years carried by previous Sukuk issues by SEC and petrochemicals giant Saudi Basic Industries Corporation (SABIC). This is the first corporate...