Saudi Electricity launches $2.5bn 2-part bond

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LONDON, April 1 (IFR) - [LAUNCH:] $2.5bn 2-tranche total. $1.5bn 10yr at 4%, $1bn 30yr at 5.5% [Saudi Electricity Company (SEC)], A1/AA-/AA-, has set final terms on a USD1.5bn 10-year sukuk at a rate of 4% and on a USD1bn 30-year **te at 5.5%. This is at the tight end of revised guidance of 4.125%, plus or minus 12.5bp, on the 10-year and 5.5%-5.625% on the 30-year, and well inside IPTs of 4.25%-4.375% on the shorter tranche and 5.625%-5.75% on the longer. Allocations and pricing are expected later today via DB, HSBC and JPM. (Reporting by Abhinav Ramnarayan)

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