PHOTO
Saudi Arabian food firm Almarai Company, rated Baa3 Positive by Moody's and Baa- Positive by S&P, has priced its US dollar sukuk issuance at 4.45%, 85 basis points spread over US Treasuries, narrowed from IPTs in the T+120 area.
The book size was $2.1 billion, excluding joint lead manager (JLM) interest.
The $500 million Reg S five-year senior unsecured sukuk issuance is a drawdown under its $2 billion Trust Certificate Issuance Programme.
Citigroup and Standard Chartered Bank are Joint Global Coordinators. Dubai Islamic Bank, Emirates NBD Capital, HSBC, and JP Morgan have been mandated as Joint Lead Managers.
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.
(Writing by Brinda Darasha; editing by Seban Scaria)
