Saudi Telecom hires banks for debut dollar sukuk

The sukuk — the size of which will depend on market conditions and demand — are part of the Saudi Telecom’s $5 billion sukuk program. (Reuters)
Updated 25 April 2019
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Saudi Telecom hires banks for debut dollar sukuk

  • Saudi corporates are increasingly expected to tap the international debt markets
  • Saudi Arabia’s biggest telecommunications operator has applied to list the sukuk with the Irish Stock Exchange

DUBAI: State-run Saudi Telecom has hired six banks to arrange its first issue of US dollar-denominated sukuk, or Islamic bonds, the company said on Thursday.
Saudi corporates are increasingly expected to tap the international debt markets following the inclusion of Saudi government and quasi-government debt in key JP Morgan emerging market bond indexes this year.
The recent jumbo inaugural bond by state-owned oil giant Saudi Aramco has also attracted new interest in Saudi borrowers, and has provided a fresh pricing benchmark for future issues by state-backed entities.
HSBC, JPMorgan, Standard Chartered, Samba, First Abu Dhabi Bank, and KFH have been hired as lead banks for the planned deal.
Saudi Arabia’s biggest telecommunications operator said it had applied to list the sukuk with the Irish Stock Exchange.
The sukuk — the size of which will depend on market conditions and demand — are part of the company’s $5 billion sukuk program, established last month to back general corporate purposes.


China media accuses US of plot to ‘colonize global business’

Updated 9 min 30 sec ago
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China media accuses US of plot to ‘colonize global business’

BEIJING: China’s state media has unleashed fresh attacks on the US as the tariff war between world’s two largest economies continues.
The China Daily newspaper on Friday accused Washington of seeking to “colonize global business” by targeting Chinese firms.
The Global Times accused the US of “hegemonic hubris” and launching a “global assault” on free trade.
The Trump administration last week put Huawei on a blacklist that effectively barred US firms from selling the Chinese company computer chips and other components without government approval. The move could cripple Huawei, the world’s largest manufacturer of networking gear and second-biggest smartphone maker.
Washington has called Huawei a threat to national security.
The Trump administration has imposed 25% tariffs on $250 billion in Chinese imports and has plans to hit another $300 billion worth.