Saudi HSBC Unit Has Sole Mandate for Saudi Civil Aviation Sukuk

Saudi British Bank (SABB), which is 40 percent owned by HSBC Holdings Plc, has the sole mandate to manage the sale of Islamic bonds by the General Authority of Civil Aviation, according to two bankers familiar with the deal.

The authority will start offering the sukuk today, the official Saudi Press Agency reported yesterday, without providing details of the amount the authority was seeking to raise.

The authority’s public relations department didn’t respond to calls from Bloomberg. HSBC spokesman, who didn’t want to be identified due to company policy, declined to comment.

To contact the reporters on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net; Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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