PHOTO
Saudi Arabian dairy firm Almarai Company, rated Baa3 Positive by Moody's and Baa- Positive by S&P, has mandated banks to issue dollar-denominated trust certificates.
A benchmark Reg S five-year senior unsecured sukuk offering will come under its $2 billion Trust Certificate Issuance Programme.
Citigroup and Standard Chartered Bank have been mandated as Joint Global Coordinators. Dubai Islamic Bank, Emirates NBD Capital, HSBC, and JP Morgan have been mandated as Joint Lead Managers.
Issuance amount to be determined based on market conditions at the time.
The Ijara/Murabaha structure has an expected rating in line with the obliger's own.
It will be listed on the Global Exchange Market of Euronext Dublin.
In July 2023, Almarai issued trust certificates with an offering value of $750 million and an annual return of 5.233%, which were listed on the Irish Stock Exchange under Euronext Dublin.
(Writing by Bindu Rai, editing by Seban Scaria)
