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Sadara closes Islamic bond issue

9:13 AM MDT | April 2, 2013 | Vincent Valk

Sadara Chemical has closed its issuance Islamic bonds, or Sukuk, worth 7.5 billion Saudi riyals. The issuance was oversubscribed, leading to an increase from the initial expected size of SAR5.25 billion. The Sukuk have a floating rate and a term of 16 years. The return on the Sukuk will be the 6-month Saudi Arabia Interbank Offered Rate (Saibor) plus 95 basis points, Sadara says. Saibor achieved a nearly 3-year high at around 0.87% last week, reports say. Procees from the issuance will go towards financing chemical plants in Jubail Industrial City II in...

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