Saudi Telecom picks banks for debut sukuk issue - sources

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By David French DUBAI, April 23 (Reuters) - Saudi Telecom Co (STC) , the Gulf's biggest telecommunications operator by market value, has picked three banks to manage its debut Islamic bond offer, banking sources aware of the transaction told Reuters on Wednesday. It has chosen JP Morgan Chase, Standard Chartered and the investment banking arm of Saudi Arabia's National Commercial Bank to arrange the transaction, three sources said, speaking on condition of a**nymity as the information isn't public. The sources said it was currently unclear if STC was looking to complete a sukuk issue in the local Saudi market, or if the sukuk would be U.S. dollar-de**minated and sold to international investors.

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