Saudi Telecom issues 2 bln riyal, 10-yr debut sukuk

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DUBAI, June 10 (Reuters) - Saudi Telecom Co (STC), the Gulf's largest telecommunications operator by market value, said on Tuesday it had completed a 2 billion riyal ($533 million), 10-year debut sukuk issue. The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate, currently at 0.9525 percent. Government investors, banks, asset managers and insurance companies bought the sukuk, the statement added. ...

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