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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 Bank’s SR5 billion tier 2 subordinated sukuk, the largest ever bank issue from Saudi and the largest subordinated debt instrument from a bank in MENA, all of this despite being NCB’s debut in riyal debt markets.
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