SAUDI ARABIA: Local conglomerate Olayan Group reportedly concluded its maiden Sukuk issuance comprising a SAR650 million (US$173.29 million) sale.
The five-year, Saudi riyal-denominated issuance was priced at 150 basis points over the Saudi interbank offered rate and was 2.5 times oversubscribed.
HSBC and Riyad Capital arranged the issuance, while law firm Baker & McKenzie was the legal advisor for the transaction. Allen & Overy advised the participating banks.