On 10 September 2020, Saudi Electricity Company (SEC, A2 negative) finalised the terms of a multi-tranche $1.3 billion green sukuk. SEC reported an order book of more than $5.2 billion for the offering, highlighting the strong investor appetite for sustainable bonds and sukuks. The transaction also highlights the growing importance of sustainability strategies for emerging market issuers including in regions such as the Gulf Cooperation Council (GCC).