Sadara and Dow Chemicals have shortlisted four banks to manage the Islamic bond (sukuk) portion of its multi-billion dollar fundraising, as per Reuters. Sadara is the US$20 bln petrochemical joint venture between oil giant Saudi Aramco. Deutsche Bank, Riyad Bank, Alinma Bank and Bank Al Bilad have been mandated for the deal, likely to be denominated in riyals. This sukuk is earmarked to raise US$1.4 bln and will be only the second project finance sukuk ever to be raised in Saudi Arabia. The sukuk is not expected to be marketed until next year, and is part of a US$12.5 bln debt package currently being raised to fund the construction of the project, to produce, upon completion in 2016, 3 mln tpa of petrochemicals.
14-Jun-12 
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