The success of Saudi Arabia’s first government-backed Islamic bond issue, and the dairy company Almarai’s planned sukuk, will set the stage for what is likely to be one of the kingdom’s strongest years for Islamic bonds, bankers and analysts say, with HSBC alone saying it is working on five corporate issuances.
The Almarai bond, for which a roadshow is planned later this week, plus the four as-yet-unannounced sukuk issues that HSBC is also preparing, would total “multiple billions” of Saudi riyals, Fahad al-Saif, the head of HSBC’s debt-capital market division in Saudi Arabia, said in a recent interview………………………………………..Full Article: Source