Saudi Electricity, Bank Muscat, Gulf Finance: Islamic Bond Alert
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The following borrowers plan to offer sukuk, which pay returns on assets to comply with Islam’s ban on interest. Global sales reached $9.6 billion this year compared with $8.6 billion in the same period of 2013, data compiled by Bloomberg show.
SAUDI ELECTRICITY CO.: The power company has picked Deutsche Bank AG, HSBC Holdings Plc and JPMorgan Chase & Co. to arrange investor meetings in the U.S. and Europe starting March 25 for a possible sukuk sale, according to a person with knowledge of the offering, who asked not to be identified because they weren’t authorized to speak publicly.