STC names lenders for debut sukuk issue

May 22, 2014 1:15 am

Saudi Telecom Co (STC), the GCC biggest telecoms operator by market value, has named JP Morgan Chase, Standard Chartered and the investment banking arm of Saudi Arabia’s National Commercial Bank to manage its debut Islamic bond offer, Reuters has reported, citing banking sources aware of the transaction. It is currently unclear if STC was 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, the sources said.