Innovations in Islamic Finance 2015: Saudi Telecom

SR2 billion sukuk programme

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Advisers: JP Morgan, NCB, Stanchart, Allen & Overy, Clifford Chance

The Saudi Telecom deal was an illustration of the growing sophistication both of Saudi Arabian borrowers and the markets within which they issue. Consider the fact that Saudi Electricity’s $2.5 billion 10 and 30-year Reg S/144a sukuk does not even make our list: scale and tenor like that from big Saudi Arabian borrowers is no longer remarkable.

There was a better case to include National Commercial...