DUBAI: Saudi Electricity Co plans to issue Islamic bonds denominated in both riyals and dollars in coming months and has selected banks to arrange the offers, banking sources aware of the matter said yesterday.
The monopoly utility has large fund-raising needs as it looks to expand generation capacity to keep up with the kingdom's rapidly growing power demand, which is climbing by around 9 percent per year.
SEC has chosen the investment banking arm of Banque Saudi Fransi and HSBC's Saudi Arabian unit to arrange the riyal-denominated sukuk, three banking sources said, speaking on condition of anonymity as the information isn't public.
HSBC will also be involved as an arranger of the dollar-denominated sukuk, along with Deutsche Bank and JP Morgan Chase, said one of the sources. This sale is expected in early 2014, the three sources said. Reuters
