July 9, 2019 / 10:42 AM / 13 days ago

Saudi Arabia's Savola Group issues 1 bln riyals sukuk - sources

DUBAI, July 9 (Reuters) - Savola Group, Saudi Arabia’s largest food products company, has raised 1 billion riyals ($267 million) in sukuk, or Islamic bonds, with the Saudi unit of HSBC as lead arranger, sources familiar with the matter said.

The company had said in May it planned to issue the bonds to back its financial and strategic needs.

The paper, issued last week, offers investors a profit rate equivalent to 160 basis points over the 6-month Saudi interbank offered rate, said the sources.

HSBC declined to comment and a spokesman at Savola Group did not immediately respond to a request for comment. ($1 = 3.7503 riyals) (Reporting by Davide Barbuscia and Marwa Rashad; editing by David Evans)

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