Riyadh-based National Industrialization Company, or Tasnee, will this month issue its first Islamic bonds, or sukuk, under an SAR 5.575 billion program. The sukuk will be privately placed with investors resident in the Kingdom of Saudi Arabia and is solely arranged by HSBC Saudi Arabia, which acted as the Shariah advisor as well.
The first of the series is expected to carry a floating rate of six months SIBOR reference rate………………………………………..Full Article: Source