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SEC issues $1.3bn dual-tranche International Green Sukuk

SEC issues $1.3bn dual-tranche International Green Sukuk
Saudi Electricity Company
-0.58% 25.75 -0.15

Riyadh – Mubasher: Saudi Electricity Company (SEC) has issued $1.3 billion International Green Sukuk, split into two tranches of five and ten years, with fixed profit rates of 1.74% and 2.413%, respectively. 

Each of the two tranches is valued at $650 million (equivalent to SAR 2.438 billion), according to a stock exchange statement on Sunday.

The total number of Sukuk is 6,500 with a par value of $200,000

Moreover, the issue’s order book began on 10 September 2020 and closed on the same day, with total orders value for both tranches surpassing $5.2 billion.

The Green Sukuk issuance received high demand from international investors in the Middle East, Asia, and Europe and was oversubscribed by more than four times. 

Last week, Saudi’s main electricity producer began issuing US dollar-denominated fixed-rate RegS Senior Unsecured International Green Sukuk to finance certain eligible green capital projects.