Saudi Electricity Co (SEC), the Gulf's largest utility, is expected to price a two-part Islamic bond, or sukuk, on Tuesday, lead managers said, with investor demand for the transaction already proving strong.
Order books for the planned ten-year and 30-year tranches are each in excess of $2.5 billion, a document from the managers said, ahead of the final day of investor meetings in London on Monday. Roadshows took place in the United States last week.
Both tranches are earmarked to be benchmark-sized, meaning they will be worth at least $500 million each.
The deal was always expected to be popular given its rarity value; it is a dollar deal from a quasi-sovereign Saudi Arabian borrower, at a time when the Saudi government doesn't issue international debt, and is a rare Saudi debt sale open to U.S. institutional investors.
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