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FINANCIAL NEWS
Saudi Petrochem issues USD319.9m sukuk
25 Jun 2014
(MENAFN) Saudi Arabia’s National Petrochemical Co. (Petrochem) has recently completed issuing sukuk worth USD319.9 million, according to Arab News.
The Islamic bond, which has a five year lifespan, was priced at 170 basis points over the six-month Saudi interbank offered rate (Saibor).
A number of Saudi companies have been tapping the local sukuk market in recent months to take advantage of abundant liquidity among Saudi investors to secure cheap borrowing rates and diversify away from traditional funding sources.
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