STC names lenders for debut Islamic bond

April 27, 2014 12:28 am

Saudi Telecom Co (STC) has named three lenders to manage its debut Islamic bond offer, Reuters has reported, citing banking sources aware of the transaction. The Gulf region’s biggest telecoms operator by market value picked JP Morgan Chase, Standard Chartered and the investment banking arm of Saudi Arabia’s National Commercial Bank to arrange the transaction, three sources said. However, it is currently unclear if STC is looking to complete a sukuk issue in the local Saudi market, or if the sukuk would be US dollar-denominated and sold to international investors, said the sources.