May 2, 2019 / 6:21 AM / 18 days ago

Saudi Telecom starts marketing debut 10-year dollar sukuk

DUBAI, May 2 (Reuters) - State-run Saudi Telecom has started marketing its debut sale of U.S. dollar-denominated sukuk, or Islamic bonds, with an initial price of around 155 basis points over midswaps, a document issued by one of the banks leading the deal showed.

Saudi Arabia’s biggest telecommunications operator, rated A1 and A-(minus) by Moody’s and S&P, respectively, is expected to issue the paper later on Thursday, according to the document.

The bonds will be of benchmark size, which generally means upwards of $500 million.

HSBC, JPMorgan, Standard Chartered , Samba, First Abu Dhabi Bank, and KFH have been hired to arrange the deal.

Reporting by Davide Barbuscia Editing by Raissa Kasolowsky

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