STC’s debut sukuk oversubscribed, priced at 70 bps above SIBOR

Saudi Telecom Company (STC) received subscriptions worth SAR 2 billion to its debut 10-year sukuk issue that was priced at a floating 70 basis points above three-month SIBOR rate.
The issue, which falls under the company’s SAR 5 billion sukuk program set up recently, matures in June 2024.

It was almost 200 percent oversubscribed by government investors, banks, asset managers and insurance firms, the company said in filing to Tadawul.