By Aleesia Forni
Columbus, Ohio, March 28 - Saudi Electricity Co. (A1/AA-/AA-) priced $1.75 billion sukuk in two tranches on Wednesday, according to market sources.
The $500 million of 2.665% five-year sukuk priced at par to yield mid-swaps plus 140 basis points.
A $1.25 billion tranche of 4.211% 10-year paper sold at par to yield mid-swaps plus 195 bps.
HSBC and Deutsche Bank were the bookrunners.
The utility company is based in Riyadh, Saudi Arabia.
| Issuer: | Saudi Electricity Co.
|
| Issue: | Sukuk
|
| Amount: | $1.75 billion
|
| Bookrunners: | HSBC, Deutsche Bank
|
| Trade date: | March 28
|
| Settlement date: | April 3
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
|
|
| Five-year sukuk
|
| Amount: | $500 million
|
| Maturity: | April 3, 2017
|
| Coupon: | 2.665%
|
| Price: | Par
|
| Yield: | 2.665%
|
| Spread: | Mid-swaps plus 140 bps
|
| Spread: | Treasuries plus 163.5 bps
|
|
|
| 10-year sukuk
|
| Amount: | $1.25 billion
|
| Maturity: | April 3, 2022
|
| Coupon: | 4.211%
|
| Price: | Par
|
| Yield: | 4.211%
|
| Spread: | Mid-swaps plus 195 bps
|
| Spread: | Treasuries plus 200.8 bps
|
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