SAUDI ARABIA: The General Authority of Civil Aviation (GACA), which saw its 10-year SAR15 billion (US$4 billion) maiden Sukuk oversubscribed three times, plans to issue a second Islamic bond at the end of the year.
The Sukuk will also be used to fund the development of its SAR27 billion (US$7.2 billion) airport in Jeddah.
Its first Islamic bond, which was fully guaranteed by the ministry of finance, was priced at 2.5% and will mature in 2022. HSBC Middle East, which was sole lead arranger and bookrunner for the issuance, was advised by law firm Allen & Overy, while Al-Jadaan & Partners Law Firm and Clifford Chance advised GACA.