STC issues SR2bn debut Islamic bond

June 11, 2014 12:22 am

Saudi Telecom Co (STC) has said it had completed a SR2bn ($533m), 10-year debut sukuk issue, Reuters has reported. The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate, currently at 0.9525%. Government investors, banks, asset managers and insurance companies bought the sukuk, the STC said.